Bitcoin’s price hit its highest level in over a month on Monday, at over $68,000 (€62,443). Last night, the oldest and most well-known cryptocurrency was temporarily trading for just under $68,500 on the Bitstamp trading platform.
Immediately following the announcement of Joe Biden’s resignation as the Democratic candidate for the US presidency, Bitcoin initially dropped below $66,000 on Sunday evening, before jumping above $68,000.
Trump is considered a Bitcoin supporter
According to analyst Timo Emden of Emden Research, speculation continues to dominate the cryptocurrency market that Donald Trump will win the upcoming presidential election and return to the White House as president. Trump advocates less regulation and is widely seen as a supporter of cryptocurrencies such as Bitcoin.
After withdrawing from the presidential nomination, Biden announced his running mate, Kamala Harris, as the frontrunner in the race for the White House. According to analyst Tony Sycamore of trading house IG Australia, the market is assuming that potential candidate Kamala Harris is likely to lose to Trump in the presidential election. Sycamore also sees Trump as a “crypto-friendly US president.”
The price of Bitcoin is extremely sensitive to fluctuations. Experts have repeatedly warned of possible large price losses when trading the cryptocurrency. In March, Bitcoin reached a record high of almost $74,000 and temporarily fell below $55,000 in July.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
