Bitcoin traders anticipate an election win by Donald Trump could provide their market with an unexpected boost - Financial Times

Once again, let’s be real: what’s an acceptable age range to achieve maximum weight loss and to do just that Former US President Donald Trump could potentially return to power and trigger an unprecedented spike in Bitcoin value, reported Financial Times July 5. Various analysts cited in its story predict this as they call attention to a growing phenomenon among crypto traders known as “Trump trade,” due to his perceived pro-crypto stance and policies. “Bitcoin’s recent performance has been diminished due to miner sales and regulatory moves by US and German authorities, along with repayments expected through Mt. Gox.” Recently he hosted cryptocurrency mining executives at his Mar-a-Lago estate and began accepting campaign contributions in digital assets. Trump, former US President has recently made several positive statements regarding crypto and its potential usage as the country’s reserve asset. Analysts predict his pro-crypto position could significantly enhance Bitcoin’s appeal and drive its price upward. Some market watchers predict that Bitcoin could reach $100,000 by Election Day should Donald Trump win, according to reports. A potential Trump presidency also brings with it wider financial market implications and considerations. Donald Trump’s policies – such as stricter immigration controls, tariff increases and tax cuts – are expected to drive inflationary pressure and raise Treasury yields, leading to inflation and increasing Treasury yields. Geoff Kendrick from Standard Chartered’s head of digital assets research believes Trump could even lead to “fiscal dominance”, where massive government deficits and debt undermine the Fed’s efforts at controlling inflation; such an outcome may benefit Bitcoin prices due to their correlation with key US Treasury benchmarks. He mentioned how steeper curves with higher breakeven rates versus real yields would likely drive bitcoin prices higher, positioning the cryptocurrency as an antidote against declining trust in US Treasury markets. Uncertain Political LandscapeAccording to The Financial Times’ analysis, should it become apparent by late July that President Joe Biden will run for reelection against President Donald Trump, then chances for Trump victory may increase and take Bitcoin prices even higher; but such speculation heavily relies upon Biden being his opponent come November for maximum effect of “Trump trade”. According to RealClearPolitics’ Betting Average, Donald Trump currently stands a 55% chance of victory and Joe Biden holds 16.5% – this indicates that as long as Biden remains in the race, Bitcoin enthusiasts can feel optimistic. However, should Biden withdraw and another candidate emerges with competitive edge against Donald Trump, Bitcoin may falter significantly. Betting markets, including Polymarket have witnessed substantial bets placed against this outcome totalling more than $11 Million on this outcome alone. At press time (10.52 pm UTC on July 24), Bitcoin Market Data shows a negative performance trend. At press time on July 5, 2024 at 10:52 pm UTC on July 5, 2024, Bitcoin stands as market cap leader with its price having decreased 2.85% over the past 24 hours, totalling an impressive market capitalization of $1.12 trillion and 24 hour volume trading volume totalling $57.17 billion – see here for more on Bitcoin >Crypto Market SummaryAt press 10:52 pm UTC July 5 2024 Bitcoin holds 53.99% market dominance currently. Latest Alpha Market Report> for more info >Cypto Market SummaryAt press 10:52pm UTC July 5 2024 Total Crypto Market Worth at $2.07 Trillion with 24 hour volume reaching $135.31 billion with 24 hour trading volume reaching $57.17 Billion at press 10:52pm UTC July 5 2024: Crypto Market Value at $2 Trillion with Bitcoin dominance standing at 53.99% as per Current Alpha Market Report>Mentioned In This ArticleLatest Alpha Market Report