Bitcoin Targets $70,000 Following 10% Weekly Surge: Exploring the Impact of US Elections on Market Dynamics — TradingView Insights

BTC/USD: Bitcoin Targets $70K Amidst 10% Growth in a Single Week; US Political Climate Fuels Market Movements.

• A 10% surge in Bitcoin value within the past week
• Volatility in the cryptocurrency market stirred by US elections
• Strong performance from Bitcoin and Ether ETFs

The presidential race intensifies with high stakes. Despite the uncertain outcome, cryptocurrency enthusiasts appear to be optimistic about Bitcoin-forward regulations from either election result.

• Bitcoin’s trading price escalated by 10% over the last week, sustaining the upward trend across the weekend. Bitcoin started off the new week trading above $69,000, a considerable rise from the previous week’s $62,000 per unit. Factors such as diminishing inflation and the anticipation of the Federal Reserve cutting down interest rates, along with the European Central Bank’s three reductions in borrowing costs, come into play, boosting the October surge.
• A critical aspect having a significant impact is the upcoming US presidential election in November. Both candidates, Donald Trump and Kamala Harris, present themselves as proponents of crypto. Trump, previously critical of cryptocurrencies, now advocates for domestic Bitcoin mining. Harris promises to promote cutting-edge technologies like digital currencies.
• It appears that regardless of the election outcome with either Trump or Harris, cryptocurrency traders can anticipate profits. Bitcoin-related exchange-traded funds, totaling 11, had an outstanding performance, attracting over $2.1 billion in fresh assets last week. Ethereum also saw a rise of 9%, with its price moving from $2,440 to $2,650. The ETFs associated with Ethereum, totaling 9, also experienced an influx of $78 million in new investments.