As the US presidential election nears, crypto traders and analysts speculate a Donald Trump victory could significantly boost Bitcoin, per the Financial Times.
Despite post-Halving rally hopes, Bitcoin faces challenges since April—US and German asset sales and a $9 billion Mt Gox overhang. Market talk centers on a potential “Trump trade” lifting Bitcoin later in 2024.
Post-Halving in April, Bitcoin fell 20% in a month amid factors like $15 billion in governmental sales and hedge funds dampening volatility. Traders seek a catalyst for Bitcoin’s next move up.
Trump’s viewed as crypto-friendly, with optimism growing about his victory benefiting the industry and regulations. Analysts suggest Trump’s energy policies could aid crypto mining. Concerns linger over Biden’s past crypto tax proposals.
Potential Trump policies—higher US deficit, tariffs, and tax cuts—could raise inflation and Treasury yields, influencing Bitcoin as a hedge, notes Standard Chartered’s Geoff Kendrick.
Impact of a “Trump trade” on Bitcoin hinges on Trump’s election rival. RealClearPolitics Betting puts Trump at 55%, Biden at 16.5%. Biden staying could boost Bitcoin bulls; a new contender may stymie gains. Narratives and perceptions drive market sentiment, potentially bolstering Bitcoin on belief in a Trump win.
Quite a few market participants maintain a positive outlook for Bitcoin as the fourth quarter approaches, driven by stable macroeconomic factors and institutional investment.
Speculation surrounding the mysterious identity of Satoshi Nakamoto, the founder of Bitcoin, has grown with the release of information about a new HBO documentary.
Interaction with regulators is essential for the Bitcoin (BTC) mining industry.
André Dragosch from Bitwise has highlighted a worrying trend in Bitcoin spot exchanges, reporting a decline in net buying volumes over the past three days.