On Monday, the price of Bitcoin rose to $63,000, up 2% in the last 24 hours. This recovery comes after a recent decline due to increased conflict
The price of Bitcoin rose on Monday, gaining 2% in the last 24 hours to reach $63,000. This recovery comes after a recent decline due to increased conflict between Iran and Israel.
The appearance of Donald Trump and Elon Musk at a rally in Butler, Pennsylvania, raised questions about the effects of their recent rally on the market.
During the rally, Musk endorsed Trump's candidacy, and many believe that their appearance together energized Trump's supporters and contributed to the positive market sentiment surrounding Bitcoin.
The upward trend in Bitcoin aligns with signs of a stronger U.S. economy, driven by higher-than-expected employment figures. As investors became more optimistic, their confidence in Bitcoin increased, linking the political landscape to market movements.
Bitcoin's progression was also in parallel with other major world stock exchanges, as the statistics have reduced the chances of a crisis in the US economy.
Betting markets are shifting in Trump's favor more than Kamala Harris, with Polymarket indicating 51% for Trump and 48% for Harris.
This shift comes after Trump held a rally in Butler, Pennsylvania, where Musk, who is an executive at Tesla, endorsed him.
This view can be explained by Trump's supportive approach to crypto, which includes accepting BTC donations and promising to create favorable legislation if elected.
However, Bitcoin is not the only digital currency that is growing fast. Ether, the second-largest crypto, rose by 3% to $2,487.07, while other altcoins like SOL, XRP, and ADA were up between 2.3% and 5%.
As investors await economic reports, the possibility of a small reduction in the interest rate in November may also impact the crypto market.
The CPI inflation data is set to be released this week, and many are interested in how it will affect the Fed's expectations on interest rates.
The Bitcoin recovery to $63,000 is a possibility due to market regeneration as well as the political factors that include the Trump – Musk effect that may have boosted investors' enthusiasm.
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