The community noticed a correlation between Bitcoin and the possible victory of Donald Trump
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Johny Smith
2024/10/19
3 mins read
The flagship crypto asset has continued to grow steadily in value since October 10, 2024. During trading on October 16, the price tested the $68,500 mark, while Bitcoin shows the potential to further strengthen its position. The current dynamics coincided with the period when users of cryptocurrency platforms began to actively bet on Donald Trump’s victory in the upcoming US elections.
According to current data from the largest industry service Polymarket, the chances of the Republican Party candidate are estimated at 60.2%, which is the absolute maximum. Donald Trump is traditionally perceived as a pro-cryptocurrency candidate. On the other hand, many experts express fears that if Kamala Harris wins, her administration will significantly limit the development of this segment.
Apollo platform director Thomas Farer noted a clear correlation between the growing chances of this politician winning and the dynamics bitcoin. The specialist said that for every 1% increase in the likelihood of Donald Trump becoming president, the flagship crypto asset on average adds $1,000. Various metrics also indicate that this circumstance directly affects investor sentiment.
The fear and greed index returned to neutral values as of October 12, when Donald Trump’s lead on Polymarket increased by 10 points. Within a few days, this figure reached 73, which indicates the development of sustainable “greed” among cryptocurrency investors.
Meanwhile, there are many industry participants who believe that the outcome of the upcoming elections will not affect the dynamics of Bitcoin in a global context. A similar point of view was recently expressed by BlackRock CEO Larry Fink.
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