The price of Bitcoin (BTC) is being affected by the victory of former President Donald Trump, the Republican candidate for the US presidential election. According to analysts at cryptocurrency exchange Bitfinex, the correlation between Bitcoin price fluctuations and Trump's election trends seems to be increasing.
According to the latest data from cryptocurrency exchange Deribit, Bitcoin options traders are investing in options, predicting that Bitcoin prices will rise to $80,000 (approximately 12 million yen) by the end of November.
On the 21st, Bitcoin rose to $69,000 (approximately 10.48 million yen), but Bitfinex analysts pointed out that "this rise may have been caused by predictions that Trump's victory has become more likely."
In prediction markets such as Polymarket, the probability of predicting Trump's victory has risen to about 60%, further increasing the movement to buy Bitcoin among traders. Bitfinex analysts point out that crypto assets, including Bitcoin, are reacting to election uncertainty, which could benefit Bitcoin's growth.
David Lawant, head of research at FalconX, said, "Bitcoin prices are likely to perform well regardless of the election outcome," adding that "Trump's friendly stance toward crypto assets is likely to further boost prices."
The market is also paying attention to Trump's view that changes in the crypto industry, such as SEC (Securities and Exchange Commission) legal reforms, would benefit crypto assets.
Will the price reach a new record high on the day of the US presidential election?
Bitcoin's continued bullishness reflects both the cryptocurrency's resilience and the positive effects on the cryptocurrency industry, including regulatory changes, that Trump's election could bring.
British financial giant Standard Chartered Bank also pointed out on the 24th that Bitcoin could reach a new record high on the 5th of next month, the day of the US presidential election. The bank said late last year that Bitcoin's price could reach $100,000 by the end of 2024.
Source: Bitfinex
Image: Shutterstock
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