30s Summary

Many people are speculating that Bitcoin prices rise according to Donald Trump’s presidential election odds, according to Bitfinex analysts. David Lawant from FalconX believes Bitcoin will perform well regardless of the election outcome. The recent $69,000 Bitcoin surge correlates with interest in Trump’s potential influence on crypto laws and regulations. However, Trump’s newly launched World Liberty Financial token underperformed, making $12.7 million on its first day. Note, investments carry risk and thorough research is crucial.

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People are buying more Bitcoin when they think that Donald Trump has a better chance of winning the US presidential election, say those in the know about cryptocurrency. This is based on speculation that the price of Bitcoin moves in line with Trump’s election odds, according to analysts at Bitfinex.

David Lawant, top researcher at FalconX, however, believes Bitcoin’s performance isn’t tied to the election outcome and will do well regardless. A report showed that unexpired Bitcoin futures contracts due to end in November are basically centered around the value of $80,000.

After a recent rise in support for Trump in prediction markets, people started speculating Bitcoin prices could also increase. The analysts noted that uncertainty around the US elections and differences in candidate’s winning chances affect the market. The recent jump in Bitcoin over $69,000 may also be due to anticipation around a possible Trump win. Right now, Bitcoin is worth $68,152 and almost all Bitcoin is profitable, with most coins bought at the $55K level, according to crypto analyst Axel Adler.

Not only are people watching Trump’s positive vibes around Bitcoin, but they are also on the lookout for any changes he might introduce in the law or regulations that could affect the crypto market. They are especially keen to see if his ideas for reform within the SEC and crypto tax policies will make an impact. Trump’s recent launch of the World Liberty Financial token didn’t do as well as expected though, only bringing in about $12.7 million in sales on its first day. As always, though, remember that investments carry risk and you should do your own homework before making any decisions.

Source: Cointelegraph