Bitcoin briefly surged above $68,000, driven by positive U.S. election predictions, before settling around $67,500 during early Asian trading hours on Monday.President Biden’s announcement of not running in the upcoming election was seen as potentially favorable for the digital asset industry, regardless of the election outcome, among some traders.
“Biden’s withdrawal has opened up a possibility where, regardless of who sits in the White House, the U.S. government embrace a more constructive stance towards the digital asset industry after November,” Singapore-based crypto research firm Presto shared in a Monday note to CoinDesk. “Whether Harris or any other contenders will pursue such a path remains to be seen, but the optionality that hardly existed before is now there,” Presto added.
Trump’s favorable view of cryptocurrencies has attracted massive support from industry players in the past months. He is slated to appear at the Bitcoin 2024 conference later this week in Nashville, a move that has furthered sentiment among market watchers. “We would expect the market to rally higher as Trump's key economic policy would be a lower interest rate and cheaper borrowing costs. This would surely boost all risky assets, including BTC,” shared Lucy Hu, senior analyst at Metalpha, in a Telegram message.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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Source: CoinDesk - 🏆 291. / 63 Read more »