Cryptocurrency Traders Optimistic as Biden Declines to Seek Re-election in US Presidential Race – BNN Bloomberg

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  <p class="c-paragraph">(Bloomberg) -- Bitcoin has seen a subtle increase, hitting its highest figures in more than a month following discussions among traders about the potential effects stemming from US President Joe Biden’s announcement to withdraw from the coming election race.</p>
  <p class="c-paragraph">Bitcoin rose, shaking off its earlier decline, to stabilize at approximately $68,300 as of 8:42 a.m. in Singapore on Monday. The market is weighing the potential outcome of an electoral duel between crypto-supportive Donald Trump and Kamala Harris.</P>
  <p class="c-paragraph">Read: In Light of Biden's Retreat, Harris Steps Forward as Presidential Contender</p>
  <p class="c-paragraph">This uptick reflects the market's perception that the Democrats, with Kamala Harris at the helm, may not succeed against Trump in the presidential race. This suggests an optimistic horizon for Bitcoin anticipating a crypto-friendly president, explained Tony Sycamore, a market analyst at IG Australia Pty.</p>
  <p class="c-paragraph">Benjamin Celermajer, co-CIO at Magnet Capital, expressed to Bloomberg News that the market might become increasingly attractive for investment if Trump were to govern again. He anticipated cryptocurrencies with “bona fide utility,” pointing to those associated with the Maker, Aave, and Lido platforms, to prosper.</p>
  <p class="c-paragraph">Trump, recently adopting a positive stance on crypto, is lined up to present at a prominent Bitcoin conference slated for July 27 in Nashville.</p>
  <p class="c-paragraph">Close on the conference's heels, the Republican presidential hopeful is hosting a fundraiser with a ticket asking price of $844,600 per person.</p>
  <p classam class="c-paragraph">Conversely, “Harris' stance on cryptocurrency remains up in the air," noted Caroline Bowler, CEO of BTC Markets. "Given that digital currency could become a critical deciding factor in the elections, we might gain more clarity on her position in the near future.”</p>
  <p class="c-paragraph">Read: Trump Positions Crypto as Key Issue to Gather Support as Campaign Donations Rise</p>
  <p class="c-paragraph">Meanwhile, on platform X, Elon Musk embraced a profile picture with the laser eyes meme, indicating enthusiasm for Bitcoin, much to the delight of the crypto community.</p>
  <p class="c-paragraph">Teong Hng, CEO of Satori Research, spoke of the over-the-counter options market displaying signs that Bitcoin could soon challenge its record highs again.</p>
  <p class="c-paragraph">The compound interest in December 2024 call options at a $100,000 strike price hints at rising confidence among institutional investors. Hng expects a "vigorous end-of-year rally driven by a Trump victory."</p>
  <p class="c-flse">The past week's relatively robust performance of Bitcoin—which developed as calls for Biden to step down grew—marked a clear departure from the general slump in the equities market.</p>
  <p class="c-paragraph">Moreover, “the innate vigor” behind the recent surges into Bitcoin-centric exchange-traded funds point to a potential approach towards the $70,000 mark," writes Chris Weston, the head of research at the Pepperstone Group, in a briefing.</p>
  <p class="c-paragraph">Read: Forecasting Crypto's Fate in a Trump-Led Administration</p>
  <p class="c-paragraph">(Updates to include expert commentary and data on Bitcoin's spike to a one-month high)</p>
  <p class="c-paragraph b-article-body__copyright">©2024 Bloomberg L.P.</p>
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