The week began on a Bitcoin (BTC) surge as the cryptocurreceny is nearing the $70,000 mark because of the US elections. BTC is trading at $69,011 with a market capitalization of $1.33 trillion and a trading volume of $32.77 billion. The digital assets trading volume has grown by 120.86% in the last 24 hours.
As the crypto market opened on Monday in Asia, Bitcoin was up by 1.91% on the heals of the US presidential elections. Most crypto investors are fixated on US election developments as cryptocurrency regulations is key issue in this election. This is visible in the market boost over Trump launching the WLFI token sale last week and the surge in MAGA after the forecast of the former US President wining broke out.
Explaining the situation, crypto analyst Min Jung from Presto Research said that the $70,000 level is a crucial psychological resistance point as it is near to the BTC’s all time high $73,700 last seen in March 2024.
On Monday morning, BTC reached $69,450 trading point but later on it fell to $68,768 as the day proceeded. As of Monday evening Bitcoin is trading at $67,146.14.
A researcher at the largest institutional crypto prime brokerage Falcon X, David Lawant said that the crypto market is expected to focus on the US elections and surge further as there is less than 2 weeks left for it, specially since this is the first time crypto has become a political issue.
The odds are in favour of the former US President Donald Trump winning the US elections because of his positive attitude to the industry which is reflecting in the Bitcoin price surge. Meanwhile, his rival Kamala Harris’ support for crypto policlies has put her in a spot. Trump on the other hand, is patronising web3 technologies like decentralized finance (DeFi), NFTs and Bitcoin mining, making him lead Harris by 21%
After the US presidential elections on November 5, there is an US Federal Opern Market Committee meeting scheduled which will probably lead to a 25 basis point interest rate cut. All this is causing Bitcoin to remain in its bullish sentiment as it nears its all time high trading point.