Bitcoin Price Today Steady at $67K: Strong Weekly Outlook Amid Focus on US Election Impact
Bitcoin Price Today
by Financial-Street-Info
Bitcoin price increased moderately Thursday and seemed set for a strong weekly gain as speculation over a likely Donald Trump win in the U.S. presidential election drove inflation-boosting bets.
Bitcoin, the world’s largest cryptocurrency, has benefited from a package of strong fundamentals but is now stabilizing after hitting a peak since late July earlier this week.
By 00:59 ET (04:59 GMT) Thursday, Bitcoin gained 0.7%, trading at $67,733.1 after having briefly crossed the $68,000 mark earlier in the week. This continues a good streak, as Bitcoin trades up more than 7% this week, its best weekly performance since early September.
What Put Bitcoin on the Right Track
Several factors contributed to Bitcoin’s surge. The most prominent influence is increased speculation regarding a Trump victory in the elections slated to come in the near future in the United States.
In the cryptocurrency market, however, many are of the opinion that it would be benefited by a Trump presidency since he has expressed pro-crypto views during his campaign.
On the other hand, his competitor, the Democratic presidential nominee, Kamala Harris, has also made some encouraging signals for the cryptocurrency market by promising to develop a regulatory framework around crypto. However, the absence of details in these plans created some uncertainty.
In addition, the rise in Bitcoins was accompanied by reports about the insolvent Bitcoin exchange Mt. Gox. The financially troubled exchange collapsed last year after losing hundreds of thousands of Bitcoins and had been returning tokens to creditors for months.
Mt. Gox this week pushed back its deadline for returning Bitcoin by a year, which has been seen to be a potential floodgate for Bitcoin distribution that could suppress prices in the market.
Additionally, favorable to Bitcoin is that capital inflows into crypto investment products have been improving in the past week. Institutions are looking at gaining confidence again in the market after weeks of cautious trading.
Crypto Sentiment in Reaction to the U.S. Election
The possibility of victory on the part of Donald Trump has clearly weighed on cryptocurrency markets. Trump’s odds, meanwhile, have risen on so-called prediction markets like Polymarket, as well as in a recent Fox News poll, which showed him ahead by a hair of Vice President Kamala Harris.
Other polls, however, such as the one released by Reuters/IPSOS, for instance, gave Harris a narrow edge and signaled that the race itself would be close.
The crypto market appreciated the chance of a Trump victory owing to his pro-crypto stance. Trump promised to build the future of Bitcoin in the U.S, thus instilling higher optimism among investors. Though Harris promised to regulate crypto, failure to outline clear policies raised uncertainty among some of the market participants.
Performance of Other Cryptocurrencies
Where Bitcoin continues its northbound journey, other significant cryptocurrencies have lost all their recent momentum in the past few days.
The second largest cryptocurrency by market capitalization, Ether went down by 0.4% to $2,618.86 on Thursday but remained up by 5.7% for the week. The other cryptocurrencies, XRP, SOL, Polygon (MATIC), and ADA, lose 0.4% to 4% but remain up for the week.
The meme tokens, on the other hand, were a mix bag. Dogecoin, for instance, hit 6.8% gains at Thursday’s trading.
This means that as much as the crypto market has gone cold across the board, Bitcoin will always be dominantly ahead, with its strength not compromised at all.
Bitcoin Outlook
Despite some cooling off after the burst, Bitcoin remains on track for a great week with solid gains. Political developments, especially pertaining to the U.S. election, and market-specific factors like the delayed distribution of Mt. Gox’s Bitcoins continue to sustain the price of the cryptocurrency.
In the short term, the performance of Bitcoin is likely to be influenced by what happens in the U.S. election race and any future clarification of candidates on their policies toward the cryptocurrency sector.
Institutional interest and capital inflows into the crypto investment products also hint that upward movements in Bitcoin may continue, pending otherwise untoward unfavorable market conditions.
