As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless trends come and go, but none quite like the volatile world of cryptocurrencies. The recent surge in Bitcoin’s price to levels not seen since late July is certainly intriguing, and it seems that the political landscape may be playing a role.
On Tuesday’s early U.S. trade, the value of Bitcoin (BTC) surged significantly, reaching heights last seen in late July.
Currently, the leading cryptocurrency is being traded at approximately $67,500. This represents a 3.7% increase in value compared to the previous 24 hours, slightly below its peak of around $67,800 during this session. Meanwhile, the CoinDesk 20 Index has risen by 2.5% over the same period, with Solana (SOL) and Cardano (ADA), two of its components, showing less growth compared to Bitcoin (BTC).
According to Geoff Kendrick’s analysis, the recent surge in cryptocurrency markets could be due to the growing support for Donald Trump, a pro-crypto Republican presidential candidate. As per Polymarket, Trump now has a 56.9% chance of winning in November, which is his highest probability since Biden withdrew from the Democratic race.
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It was noted by Kendrick that the likelihood of a Republican party takeover of both the House and Senate in Congress is increasing. Based on his calculations, if Donald Trump secures the presidency, it’s estimated that there’s approximately a 70% chance he will be working with a legislative branch controlled by the Republicans.
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2024-10-15 17:38