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What the Upcoming US Elections Mean for Bitcoin Prices: Insights from InternationalReserve Report
London, Uk, 30th July 2024, ZEX PR WIRE, With the US presidential elections fast approaching, the financial market is awash with speculations and forecasts. One of the most debated issues is the effect of upcoming elections on Bitcoin prices. InternationalReserve, a reputable trading broker, has released a special report on this topic. Crypto Arbitrage Specialist at the firm, Andrew Lawrence, offers his opinion on the possible volatility of Bitcoin prices in relation to the elections. “Politics has always had a big impact on markets,” says Lawrence, “The upcoming US elections are no different, and we are already seeing higher price fluctuations in Bitcoin as investors respond to new developments.”
Recent Shooting Attempt on Trump and Market Impact
Bitcoin hit a two-week high around 6 days ago, as betting markets suggested an increased chance of victory for crypto-friendly candidate Donald Trump in the US presidential election. This rally followed the dramatic assassination attempt on the former president a few days ago. Some reports have drawn a ‘parallel’ to the 1981 shooting of President Reagan where Reagan’s popularity catapulted amidst a double-dip recession.
Trump’s Enhanced Winning Odds and Bitcoin’s Rise
Recent analyses indicate that this rising probability of Trump’s win is the reason behind Bitcoin price hikes. This correlation has been noticed as the markets anticipate pro-crypto policies that the Trump administration might come up with. Lawrence elaborates on this trend, explaining the variables involved, “Trump’s business-friendly policies and his previous administration’s relaxed approach to cryptocurrencies have developed a favorable climate for Bitcoin. Investors are expecting the continuation of such policies, which is one of the reasons we are seeing higher Bitcoin prices.”
Biden’s Likelihood of Stepping Down and Market Reaction
On the other hand, President Biden’s potential withdrawal from the race has also stirred the market with BTC prices reaching over $67,000. Andrew Lawrence weighs in on this scenario, “While the market’s reaction to Biden stepping down might seem overly speculative, it reflects the uncertainty and the need for stability that investors seek,” he comments. “In times of political chaos, Bitcoin often serves as a hedge, which explains the heightened trading activity and price increases.”
Political Uncertainty in Crypto Investments
Political uncertainty is a major driving factor of investment decisions, especially in the wild world of crypto. Lawrence specifically underlines the importance of a strategic approach during such conditions. “Investors must be prepared for rapid changes and have a well-thought-out strategy to manage risks,” Lawrence advises, “At InternationalReserve, we help our clients get the latest information and tools to make informed decisions, especially when the economic or political scene is uncertain”
About InternationalReserve
InternationalReserve is leading the way in cryptocurrency trading and analysis for traders worldwide. The firm provides traders with a stable and functional trading platform suitable for beginners and experienced traders. It supports over 200+ CFDs and guarantees the highest security levels for market participants. Acknowledged by global partners and leading media, InternationalReserve values clients’ trust and transparent, safe, and effective trading.
