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Cryptocurrency News Articles
Bitcoin Stagnant as Former President Donald Trump's Election Odds Rise Against VP Kamala Harris
Oct 23, 2024 at 06:29 pm
The global crypto market is rising as former President Donald Trump's election odds increase against VP Kamala Harris.
Donald Trump’s increasing odds of winning the presidential election against VP Kamala Harris have sparked a rise in the global crypto market. However, economist Peter Schiff has pointed out that Bitcoin is the only asset not rallying.
While many believe that Trump’s potential win is a positive signal for Bitcoin, Schiff’s comments have left some speculating on the matter.
The crypto market cap has hit $2.32 trillion, with the stablecoin market surging to $173 billion. Key players in the altcoin market have also seen notable gains in recent days.
The recent uptrend in the crypto market is largely driven by expectations of Trump’s victory in the upcoming election. According to Polymarket’s prediction market, Donald Trump holds a 27.6% lead over Kamala Harris, with odds of 63.7% to her 36.1%.
It is worth noting that the crypto industry has faced tighter regulations and anti-crypto policies under President Joe Biden’s administration. Trump, on the other hand, presents himself as the “crypto president,” and the community remains hopeful about his crypto-friendly stance.
Lisa Wade, chair of the Digital Economy Council of Australia, stated:
“Crypto markets have suffered from regulatory uncertainty globally, so Trump winning would represent a seismic shift given the Securities Exchange Commission under Biden has been regulating by enforcement and trying to destroy the industry.”
Fueled by Trump’s support for Bitcoin, industry experts like Robert Kiyosaki believe that a Trump win could push Bitcoin to new all-time highs. However, Schiff remains doubtful of Bitcoin’s current slow pace compared to the surging altcoin market.
Schiff raises the question, “Why isn’t Bitcoin rising alongside Trump’s increasing election odds?” He suggests that large-scale Bitcoin purchases by the community could be the reason for the coin’s lackluster performance.
At press time, Bitcoin is trading at $67,138, marking a slight 24-hour dip of 0.61%. Over the last week and month, the asset saw small gains of 0.14% and 5%, respectively. Schiff’s comments continue to raise concerns about Bitcoin’s stagnant performance, despite Trump’s rising election odds.
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