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Bitcoin at $70,000: market expectations against the background of elections

October, 21 2024
watermark Economic news

On Monday, the price of bitcoin reached a three-month high, exceeding $69,500. This growth is associated with increased speculation about the likely victory of Donald Trump in the upcoming elections.


Recent polls and forecast markets show an increase in Trump's chances of winning, which causes increased interest in bitcoin. Trump has repeatedly expressed support for cryptocurrencies, promising to build «the future of bitcoin in America,» even accepting donations in cryptocurrencies during his campaign.


If he wins, traders expect more loyal regulation of cryptocurrencies in the United States, which can be a powerful incentive for the growth of the bitcoin exchange rate.


Experts also note that breaking the $70,000 mark will be a key bullish signal for bitcoin.


At the same time, there are only two weeks left before the vote, which creates instability in the markets. Investors in search of «safe havens» prefer gold and the dollar, which reached a record high on Monday. Despite this, the latest capital movement data shows that institutional investors resumed buying cryptocurrencies last week.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.