How Bitcoin price is influenced by the U.S. election ?
2024-11-05

Bitcoin is highly volatile and sensitive because of the elections in the United States. A sudden shift in the price can be witnessed following every move in this election. Currently, Bitcoin is trading near $ 68,000. 
It is speculated by market analysts that the victory of Donald Trump can skyrocket the price of Bitcoin. But, if the victory is on the side of Kamla Harris, the situation can be the total opposite. After falling from the recent peak of $73,000, the current price of Bitcoin shows that the careful buoyancy of the market is because of the election’s result. ‘
The Managing director at Bernstein, Gautam Chhugani has commented on the current situation and said that this election will undoubtedly have a short-term impact on cryptocurrency sentiment. Impact of both candidates on Bitcoin 
Some speculations are also hovering around that if the win is on the side of Donald Trump then the price of Bitcoin can skyrocket and surpass $90,000 before the end of this year. This upward trajectory will also beat the level of the all-time high previously recorded in March 2024. 
The reason for this is that Trump is a crypto-friendly leader and he has made many statements in the favour of the industry. Also, his actions have always shown an inclination towards the same. 
At the same time, if the win is on the side of Harris then the price can also slip terribly to $50,000, resulting in a fall of more than 25% from the current price. Analysts give credit to the strict regulatory approach towards the crypto industry of the Biden government for this bearish sentiment. 
Crypto lovers as well as investors are worried about the future existence of cryptocurrency if Harris gets an entry in the White House. No long-term effect of this election?Source: The CoinMarketCap 
As per the data from CoinMarketCap, Between October 29 and November 3, a significant rise was observed as the election was approaching, and there was great turmoil in the market. The largest cryptocurrency was trading so close to an all-time high and shrunk to $73,149 on October 30. After that, a gradual declination can be witnessed. 
Dissimilar to the thoughts of everyone, Charles Edwards, the founder of Capriole Fund has commented that the recent trend of BTC ETF has suggested that the market doesn’t care who will hold the chair of US president if we talk about long term. 
A very famous crypto trader has posted over X that “BTC>110k, doesn’t matter who wins, probably just impacts how quickly it happens and where else we go on the journey.” 