The post Why Is Bitcoin Price Rising Before 2024 Elections? appeared on BitcoinEthereumNews.com.

The Consumer Finance Institute has revealed that around 20% of American adults own at least one cryptocurrency, which is why it has become the center of the US Presidential Election in 2024. And now, as the 2024 elections are just three weeks away, the Bitcoin price has suddenly turned bullish, gaining more than 3.8% in the last 24 hours. With this, it has become the tenth biggest asset in the world with a $1.34 Trillion market cap per CoinmarketCap data. Why is Bitcoin Price Rising With US Elections? In the last few days, Bitcoin has gained a good price momentum, hitting a three-month high at $67.8K after a 9.45% surge over the week. More importantly, this happened just weeks before the US election, creating many speculations around a connection between these and Bitcoin price. In this year’s election, the crypto industry has become the center of attention, aiding its hype. However, that is not the only cause, as the BTC price has also surged previously during these election times. A trading QCP Capital reported that this similar moving pattern was also visible during the 2016 and 2020 US elections. As per the report, during 2016, Bitcoin traded in a very tight range for three months but began to rally three weeks before the election days. At that time, BTC was valued at $600 but doubled by January’s first week. In 2020, the BTC price struggled for months but began to rally three weeks before the election. As a result, it achieved a high of $52K by January from the pre-election value of $11k. So, the same might be happening right now. For now, there are four main reasons why the Bitcoin price is rising before the 2024 Elections, as confirmed by Standard Chartered’s Geoff Kendrick. He even forecasted that Bitcoin price…

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Filed under: News - @ October 16, 2024 4:20 pm