The US presidential elections are simply across the nook, with the world’s largest financial power anticipated to decide on between persevering with with an analogous path because the previous 4 years or altering its course fully in the event that they go along with Republican candidate Donald Trump.
Whereas the financial penalties will affect hundreds of thousands and hundreds of thousands of individuals, the crypto group is anticipating the way it will have an effect on bitcoin and altcoins.
By no means Under $70K Once more?
The favored crypto dealer EllioTrades showcased a compelling chart earlier at this time. It signifies that the election week on all three earlier events within the US throughout BTC’s existence truly marked a low for the asset that was by no means repeated once more. That means, that its valuation has by no means gone under that degree because the final week earlier than the 2012, 2016, and 2020 elections.
Each US election week in Bitcoin’s historical past has been the bottom worth it can ever be once more
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Tick Tock
h/t @KrownCryptoCave pic.twitter.com/JNXSRqvMJ5
— EllioTrades (@elliotrades) November 2, 2024
The chart reveals that bitcoin traded at round $12 in 2012, $720 in 2016, and $14,900 in 2020. The primary two worth tags appear unthinkable for the time being, however BTC truly went near the final one in the course of the 2022 bear market. Nonetheless, it bounced off at over $16,000 and has by no means regarded again.
As such, if historical past is to repeat itself, the first cryptocurrency may by no means go under $70,000 once more. Recall that it jumped to $73,600 earlier this week, which was 0.1% away from a brand new all-time excessive, however failed there and has misplaced roughly 4 grand to its present price ticket of $69,500.
Who Is Higher for BTC?
There’s no apparent reply to this query, although Donald Trump might need the lead. In spite of everything, his present stance is sort of bullish as he makes use of BTC to pay for burgers, promised to let mining thrive within the States, vowed to fireplace SEC chair Gary Gensler, celebrated the sixteenth birthday of the white paper, and has even launched his personal crypto mission.
On the similar time, the Democrats have had a seemingly harsh stance towards the business. Harris has solely briefly talked about it throughout her presidential marketing campaign.
Consequently, Trump sounds just like the extra acceptable alternative for crypto traders, at the least on paper. Nevertheless, let’s not neglect that he was among the many vocal haters prior to now, calling BTC a rip-off. As such, sounding good on paper isn’t sufficient for many of the group as a result of he nonetheless must comply with by on his guarantees.
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