The post Why The Bitcoin Price Is A ‘Good’ Indicator On US Election Day appeared on BitcoinEthereumNews.com.

The Bitcoin price is again looking to reclaim the $70,000 level on the US election day. Following a brief break above this price level, Bloomberg analyst Eric Balchunas commented on why the flagship crypto could be an important indicator as the election kicks off. Why Bitcoin Price Is Important On US Election Day In an X post, Bloomberg analyst Eric Balchunas opined that Bitcoin price looks like a clean indicator to watch as the US election takes place today. He explained that he holds this belief because it was an issue when Donald Trump and Kamala Harris campaigned. Indeed, Bitcoin and cryptocurrencies, in general, were at the heart of the build-up to this election. Donald Trump has declared his support for Bitcoin and cryptocurrencies since the start of the year. The former US president also recently promised to end Kamala Harris’ war on Bitcoin if elected. On the other hand, Kamala Harris failed to clearly state her position regarding crypto, although she mentioned it in relation to other issues. Balchunas’ comment came as the Bitcoin price touched $70,000 as the election kicked off. Bitwise Chief Investment Officer (CIO) Matt Hougan also agreed with the Bloomberg analyst and said he has been thinking the same. In response, Balchunas remarked that Bitcoin’s movement looks to be correlated with Trump’s odds. Indeed, this could be true as the latest Kalshi data shows that Donald Trump’s odds of winning the elections are back at 60% on Election Day. This development presents a bullish outlook for the flagship crypto since the former US president is the pro-crypto candidate. BTC Doesn’t Care About The Winner But A Trump Victory Might Still Matter History shows that the Bitcoin price will thrive regardless of who wins the US elections. The flagship crypto has always reached new all-time highs…

---

Filed under: News - @ November 5, 2024 10:17 pm