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Bitcoin Surges Past $61,000 Due to ‘Trump Effect’

Daniel Kim Views  

Yonhap News

On the 14th, supporters of Trump, the Republican presidential candidate, continued their support parade with pickets in California.

The price of Bitcoin has broken through $61,000, returning to an upward trend.

According to the cryptocurrency statistics site CoinGecko, at 9:50 a.m. on the 15th, Bitcoin was trading at $61,025.29, up 2.4% from the previous day’s average on major exchanges. Ethereum rose 2.6% to $3,267.32, and Binance Coin increased by 2.5% to $547.41.

Other cryptocurrencies recorded as follows: Solana +3.6%, Ripple +0.3%, Ada -1.1%, Ton Coin +2.3%, Dogecoin +3.0%, Shiba Inu +3.3%, Avalanche +3.0%, Polkadot +2.1%, Tron -1.5%, Uniswap +3.0%, Polygon +0.3%, Litecoin +0.5%, Aptos +5.2%, Cosmos +0.8%, OKB +2.2%.

This week, the U.S. stock market is expected to face investor dilemmas as the likelihood of a U.S. interest rate cut as early as September increases. Analysts are debating whether to stick with extensive tech stocks, which have yielded high returns for over a year, or shift to mid- and small-cap stocks, expected to gain momentum from relaxed monetary policy.

The cryptocurrency market, recently experiencing a downturn, has rebounded following the gun attack on Republican presidential candidate Donald Trump.

Bitcoin, which had been falling due to lowered interest rate expectations and sales of holdings by Mt. Gox and the U.S. government, surged after it was revealed that Trump, who was shot, is in good health.

The possibility of Trump, who has always shown a friendly stance towards cryptocurrencies, winning the election has increased further amidst cognitive decline following President Joe Biden’s TV debate, which is expected to work against the Democrats in the election.

Kyle Rodda, a senior financial analyst at Capital.com, a U.S. online investment platform, noted that there have been inflows into Bitcoin and gold following the shooting incident.

“This news marks a changing point in American political norms and the emergency of greater political violence,” he said. “For markets, it means haven trades but more skewed towards non-traditional havens.”

However, some have countered that it is unclear what stance Trump will take after his election.

Arthur Hayes, co-founder of BitMEX, warned that the industry should avoid tying its future to Donald Trump, whom he described as insincere.

Hayes stated, “They erroneously believe that Trump is sincere and that if they just donate enough money, Operation Chokehold Crypto will vanish. That is poppycock,” He added that if Trump returns to office, crypto will become a “distant memory.”

He emphasized that instead of aligning with Trump, the industry should focus on pressuring the Democrats to pass legislation favorable to cryptocurrencies.

Meanwhile, the investor sentiment index showed a neutral state. The “Fear and Greed Index,” a self-estimated index by cryptocurrency data provider Alternative, showed a neutral state at 52, up 19 points from the previous day. This index indicates extreme fear as it gets closer to 0 and extreme optimism as it gets closer to 100. The Fear and Greed Index is calculated based on volatility (25%), trading volume (25%), social media mentions (15%), surveys (15%), Bitcoin market cap proportion (10%), and Google search volume (10%).

Daniel Kim
content@viewusglobal.com

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