The cryptocurrency market is witnessing volatile winds this Tuesday as the 2024 US presidential election is underway.
The cryptocurrency market is witnessing volatile winds this Tuesday as the 2024 US presidential election is underway.
After trading below $67,000 in the early hours of the morning (EDT), Bitcoin (BTC) has jumped above $70,000. The leading cryptocurrency is now up more than 3% over the past 24 hours, but is still down nearly 5% since last Tuesday, when it approached its all-time high price of $73,700.
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The US election likely has everything to do with price action. Several analysts had anticipated that the electoral event in the North American nation would influence the price action of cryptocurrencies, potentially generating volatility until the results of the vote are announced on Friday.
Some observers estimate that Bitcoin could see swings of up to $8,000 in either direction before the official announcement of who will be the next US president.
Other cryptocurrencies also surged on Tuesday, including Solana (SOL), Cardano (ADA), and Avalanche (AVAX), which are trading 4.4%, 3.2%, and 5.4% higher, respectively, over the past 24 hours.
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Trump win expected The balance in the cryptocurrency industry has tilted towards Trump as the former US president incorporated the new asset class into his political discourse this year, making promises to boost the Bitcoin mining industry, add the cryptocurrency to national reserves and turn the country into a global cryptocurrency hub.
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Several analysts agree in making bullish projections for Bitcoin in the medium and long term in the event that Trump reaches a second term in the White House. Bernstein specialists said they expect BTC to rise above $80,000 in that scenario, while estimating a correction towards $50,000 in the event of a Harris victory.
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Experts from JPMorgan and Standard Chartered shared bullish scenarios for the leading cryptocurrency in case the Republican wins the election; with the British bank projecting a target price of $200,000 for Bitcoin in this scenario. Bernstein, for his part, believes that the rally to those highs will happen in 2025 regardless of the election result. Election expectations also influenced inflows into spot Bitcoin exchange-traded funds (ETFs), which closed on Monday with more than $560 million in outflows, marking their second-worst day in history.
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