Bitcoin Price Rally Due To Trump’s Increased Election Odds, Blockchain Firm Claims
The post Bitcoin Price Rally Due To Trump’s Increased Election Odds, Blockchain Firm Claims appeared on BitcoinEthereumNews.com.
This year has been filled with numerous narratives for the cryptocurrency market, especially for the Bitcoin price. Ranging from the spot Bitcoin exchange-traded funds (ETFs), the fourth halving event, to the United States presidential elections, the cryptocurrency industry and the Bitcoin market have been subject to various factors throughout 2024. With the US elections barely a month away, there has been a lot of commentary on the outcome of the polls and how it could impact the market dynamics of the world’s largest cryptocurrency. Blockchain analytics firm IntoTheBlock is amongst the latest to join this discussion by making a connection between the Bitcoin price performance and the odds of former President Donald Trump. How Trump’s Win Could Be A Victory For Crypto In its latest weekly report, on-chain analytics platform IntoTheBlock revealed the price of Bitcoin has been on the rise; but so as the odds of Donald Trump coming out on top in the US presidential elections in November. According to recent data from Polymarket, Trump is 60% likely to be sworn in as the new president of the United States ahead of current Vice President Kamala Harris come January 2025. Source: Polymarket Related Reading: Crypto Analyst Says Dogecoin Price Could Pull An XRP This Cycle, What This Means Since the start of his campaign, Trump has been a loud and vocal supporter of the crypto industry while promising to facilitate the integration and adoption of cryptocurrencies, particularly Bitcoin, in his second stint in the Oval Office. Moreover, reports of the former president appointing crypto-friendly personalities into strategic positions in the United States finance industry have emerged. Besides his unfriendly stance against SEC chairman Gary Gensler, Trump has been delving and investing in various crypto projects. In July, the former president spoke of his plans to build a national…
Filed under: News - @ October 19, 2024 9:05 pm