30s Summary

Bitcoin’s value could fluctuate following the US Presidential election, even though it hasn’t quite reached its previous $69,000 high. Analysts from Bitfinex suggest this is due to investors playing it safe while they await election results. A major swing in Bitcoin’s value could ensue after the election, but a lack of price movement could suggest a more permanent decline in value. Regardless of whether Trump or Harris is victorious, Bitcoin appears set for a boost. However, other cryptocurrencies could experience a downturn, with weaker returns predicted for altcoins.

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Bitcoin’s price might go up and down a bit after the US presidential election but no need to worry, this might actually be good news for its worth overall. So, as of now on election day, Bitcoin isn’t quite matching its previous high of $69,000.

The experts over at Bitfinex reckon the calm before the storm is because everyone’s playing it safe as they wait for the election results – we’re all hoping for a big swing in Bitcoin’s value that could make its price rise.

These same analysts caution that if the anticipated roller-coaster ride doesn’t roll out as expected, it might mean there’s something bigger going on, which could lead to a greater dip in Bitcoin’s value. Basically, if there’s no interest in the price moving around, it’s usually a sign of a more negative outlook compared to if there was a buying spree.

Donald Trump, who is known to be quite crypto-friendly, might give Bitcoin a boost if he becomes president again. Still, the Sygnum analysts believe that Bitcoin is set for a rally even if VP Kamala Harris steps into the Oval Office.

Just before the election, Bitcoin’s price almost hit a new record when it reached over $73,600 on October 29 – the highest since March.

Now, heaps of investors were calling the Bitcoin price lift in October a “Trump pump” because it seemed to be linked to Trump’s improving chances of winning the election. According to Bitfinex analysts, the so-called “Trump trade” could end for Bitcoin after the elections. The idea is that Bitcoin may be used as a rough gauge for an anticipated Trump victory, but, without the fundamental economic conditions, it might not reach its highest price ever.

Moving away from Bitcoin, other cryptocurrencies, not including Bitcoin and Ether, might face a downturn, regardless of who ends up in the White House. The cryptos that don’t rank in the top 10 have experienced significant downfalls, which could continue after the elections. Bitfinex analysts suggest that without a major push, altcoins aren’t likely to build momentum.

There’s general expectation among analysts for an altcoin season, but this time the returns might be weaker when compared to previous rallies.