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Crypto Market Boosted by Prospects of Crypto-Friendly U.S. Government
#Crypto #USGovt #Trump #Biden $BTC $ADA $ETH
Cryptocurrency traders are increasingly optimistic due to the prospect of a government more supportive of digital assets, according to reports from industry professionals.
BTC and Major Altcoins Gain Momentum
Bitcoin (BTC) briefly surpassed $68,000 before settling at $67,500 during Monday's Asian trading session, buoyed by bullish sentiment driven by favorable U.S. election expectations.
Altcoins Follow BTC's Lead
Other major cryptocurrencies also saw gains: Ether (ETH) briefly touched $3,500, Cardano's ADA and Solana's SOL rose up to 5%, and dogecoin (DOGE) surged more than 8% before retracing some gains.
Market Reaction to U.S. Election Outlook
BTC's rally began late Sunday following U.S. President Joe Biden's announcement on X that he would not contest the upcoming November elections. This development lowered the odds of Republican candidate Donald Trump on Polymarket from 71% to 65% by Monday morning in Asia. Meanwhile, Vice President Kamala Harris's odds rose from 16% to 30%.
Crypto-Friendly Government Potential
Singapore-based crypto research firm Presto highlighted in a note to CoinDesk that Biden's decision opens up the possibility of a more positive regulatory environment for the digital asset industry post-election, regardless of the election outcome.
Industry Perspectives
Presto noted, "The option for a constructive stance towards digital assets, previously unlikely, now exists," although the direction would depend on Harris or other potential candidates.
Trump's Influence and Market Sentiment
President Trump's known support for cryptocurrencies has garnered significant backing from industry leaders in recent months. His upcoming appearance at the Bitcoin 2024 conference in Nashville further bolsters market confidence.
Crypto Market Boosted by Prospects of Crypto-Friendly U.S. Government
#Crypto #USGovt #Trump #Biden $BTC $ADA $ETH
Cryptocurrency traders are increasingly optimistic due to the prospect of a government more supportive of digital assets, according to reports from industry professionals.
BTC and Major Altcoins Gain Momentum
Bitcoin (BTC) briefly surpassed $68,000 before settling at $67,500 during Monday's Asian trading session, buoyed by bullish sentiment driven by favorable U.S. election expectations.
Altcoins Follow BTC's Lead
Other major cryptocurrencies also saw gains: Ether (ETH) briefly touched $3,500, Cardano's ADA and Solana's SOL rose up to 5%, and dogecoin (DOGE) surged more than 8% before retracing some gains.
Market Reaction to U.S. Election Outlook
BTC's rally began late Sunday following U.S. President Joe Biden's announcement on X that he would not contest the upcoming November elections. This development lowered the odds of Republican candidate Donald Trump on Polymarket from 71% to 65% by Monday morning in Asia. Meanwhile, Vice President Kamala Harris's odds rose from 16% to 30%.
Crypto-Friendly Government Potential
Singapore-based crypto research firm Presto highlighted in a note to CoinDesk that Biden's decision opens up the possibility of a more positive regulatory environment for the digital asset industry post-election, regardless of the election outcome.
Industry Perspectives
Presto noted, "The option for a constructive stance towards digital assets, previously unlikely, now exists," although the direction would depend on Harris or other potential candidates.
Trump's Influence and Market Sentiment
President Trump's known support for cryptocurrencies has garnered significant backing from industry leaders in recent months. His upcoming appearance at the Bitcoin 2024 conference in Nashville further bolsters market confidence.
#USGovt Dumps $4M In #bitcoin☀️ Again, Another $BTC Selloff Ahead?
US Government Transfers 60 Bitcoin, Raising Selloff Concerns
- The US government recently moved 60 Bitcoin, worth about $4 million, which has sparked worries about a potential market selloff. This follows previous large-scale liquidations by the US and German governments that have impacted Bitcoin’s price.
Details of the Transfer
- The US government transferred 58.472 BTC to a wallet that then moved the Bitcoin to Coinbase Prime. Despite this, the government still holds 213,239 BTC, valued at approximately $14.43 billion.
Market Impact
- The transfer, while small, contributes to fears of further selloffs that could affect Bitcoin’s price. Investor concerns have intensified, potentially reversing recent gains.
Positive Catalysts
- Despite the selloff fears, positive factors include former President Donald Trump’s upcoming speech at the Bitcoin Conference 2024 and speculation that he might propose Bitcoin as a strategic reserve. Additionally, strong inflows into US Spot Bitcoin ETFs reflect confidence in Bitcoin’s long-term value.
Market Reaction
- Bitcoin’s price has risen over 1% to above $68,200. Trading volume surged by 84% to $43.79 billion, and BTC Futures Open Interest increased by 2% in the last 24 hours, indicating growing market confidence despite short-term volatility.
Source - coingape.com
#CryptoMarkets #BinanceSquareBTC #CryptoTrends2024
US Government Transfers 60 Bitcoin, Raising Selloff Concerns
- The US government recently moved 60 Bitcoin, worth about $4 million, which has sparked worries about a potential market selloff. This follows previous large-scale liquidations by the US and German governments that have impacted Bitcoin’s price.
Details of the Transfer
- The US government transferred 58.472 BTC to a wallet that then moved the Bitcoin to Coinbase Prime. Despite this, the government still holds 213,239 BTC, valued at approximately $14.43 billion.
Market Impact
- The transfer, while small, contributes to fears of further selloffs that could affect Bitcoin’s price. Investor concerns have intensified, potentially reversing recent gains.
Positive Catalysts
- Despite the selloff fears, positive factors include former President Donald Trump’s upcoming speech at the Bitcoin Conference 2024 and speculation that he might propose Bitcoin as a strategic reserve. Additionally, strong inflows into US Spot Bitcoin ETFs reflect confidence in Bitcoin’s long-term value.
Market Reaction
- Bitcoin’s price has risen over 1% to above $68,200. Trading volume surged by 84% to $43.79 billion, and BTC Futures Open Interest increased by 2% in the last 24 hours, indicating growing market confidence despite short-term volatility.
Source - coingape.com
#CryptoMarkets #BinanceSquareBTC #CryptoTrends2024