Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Matrixport Predicts Bitcoin Surge if Trump Secures Second Term

Matrixport Predicts Bitcoin Surge if Trump Secures Second Term

CryptodnesCryptodnes2024/11/01 02:55
By:Cryptodnes

Matrixport, a prominent digital asset platform, noted in its recent daily report that Bitcoin experienced a notable increase after Donald Trump’s primary election win in November 2016 when its price hovered around $700.

While the report emphasizes that relying on a single historical event is insufficient to identify a trend, it points to a generally optimistic market sentiment.

Analysts suggest that Trump’s potential return to office could lead to regulatory relaxations, which might positively impact Bitcoin’s value . Current betting markets indicate a 66.5% chance of Trump’s victory in the upcoming U.S. presidential election, one of the highest probabilities recorded.

This outlook is spurring speculation that a second Trump term could favor the cryptocurrency sector by facilitating regulatory changes and promoting institutional investment. Additionally, the report highlighted a surge in Bitcoin demand, with spot Bitcoin exchange-traded funds (ETFs) recording significant purchases totaling $800 million in a single day. Such inflows are tightening Bitcoin’s supply on exchanges, creating added buying pressure.

READ MORE:
VanEck Launches Solana Staking Integration to Enhance Institutional Access

This recent enthusiasm underscores growing confidence in Bitcoin as a safeguard against economic turbulence, with many market participants anticipating that potential regulatory adjustments or more lenient fiscal policies under Trump’s administration could drive further price increases. As the November elections draw near, both analysts and investors are closely monitoring political shifts, positioning themselves for possible benefits in the cryptocurrency market.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Cardano (ADA) Founder Hoskinson Signals Collaboration with Ripple (XRP) and a Surprise Altcoin

Cardano founder Charles Hoskinson signaled cooperation with two different altcoins in his statement. Here are the details.

Bitcoinsistemi2025/02/03 20:55

The Daily: What's next for crypto after the Trump tariff tantrum, South Korea's 'kimchi premium' soars to 10-month high and more

Crypto markets crashed after President Trump’s weekend tariff announcements, with bitcoin dropping over 10%, ether plunging 36% and leading memecoins falling more than 40% amid broad risk-off sentiment.South Korea’s bitcoin “kimchi premium” surged to a 10-month high of 9.7% on Monday as local prices remained steady amid a broader global crypto sell-off, according to data from CryptoQuant.

The Block2025/02/03 20:34