At the moment, investors are focused on the upcoming elections in the United States, which are less than a week away. Many experts attribute the steady growth of bitcoin to this event. Many users are betting on Donald Trump’s victory. Such a potentially could lead to the fact that already after the election, traders will begin to actively sell news. This has the potential to put pressure on the flagship crypto asset.
Meanwhile, bitcoin during yesterday’s trading reached $73,600, which is only $200 lower relative to the absolute maximum, which was formed in March of this year. Some experts note that the bitcoin dynamics now correlates with the growing chances of Donald Trump’s victory. However, this does not necessarily mean a steady rise in prices already after the election.
“The situation around the election does not have a fundamental impact on the main digital coin. It rather acts as a proxy of liquidity for hedging in the event of a victory of Donald Trump,” – said the expert under the nickname The Griver. At the same time, the expert did not rule out that the victory of one or another candidate may affect the mechanism of cryptocurrency regulation in the United States.
The analyst believes that despite the optimistic dynamics of bitcoin, macroeconomic conditions still do not provide a reliable foundation that will allow the main digital coin to confidently overcome the previously formed absolute maximum. It is worth noting that the next Fed summit will be held on October 6-7.
Almost no one has any doubts that the U.S. regulator will go to reduce the key refinancing rate by 25 basis points. But the easing of monetary policy by 50 basis points at once now looks unlikely scenario.
Author: Camila Russo is an experienced journalist with a strong focus on crypto news.
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