Bitcoin (BTC) Rides Donald Trump's Rising Election Chances to Bounce Back from Lows
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.
Bitcoin (BTC) price saw a recovery on Monday morning as optimism around Donald Trump’s increasing chances of winning the US Presidential elections in November boosted the crypto market. At the time of writing, BTC was trading at $64,000, up by 1.28 percent over the past 24 hours.
However, the flagship coin saw a decline of 0.73 percent over the past seven days. But, BTC price appears to be faring well as compared to last Monday, October 10, when the coin touched a low of around $58,000.
Bitcoin price saw a recovery last week after touching lows over the past few days. (Image: CoinMarketCap)
On Monday, BTC price began the day at around $63,884.93, up from Sunday’s opening price of $62,483.17.
Over the past 24 hours, the highest price BTC reached was $64,413.85, while the lowest price was $62,566.93.
Meanwhile, BTC’s dominance index was at 56.74 percent. An increase in the BTC dominance index typically indicates a decrease in the relative market capitalisation of altcoins.
On Monday, the total crypto market cap stood at $2.19 trillion, up from last Monday’s opening market cap of around $1.98 trillion.
Crypto market caps saw a surge last week, adding around $200 billion to the total market cap. However, the market caps began the week on a slightly dull note.
But, as the week progressed, investors appeared to be keeping a wary eye on pro-Trump developments around the US elections, which appeared to be boosting the crypto market.
Moreover, a new HBO documentary exploring the origins of Bitcoin sparked speculation that Peter Todd, a Canadian software developer, could be the mysterious creator of the cryptocurrency.
The documentary, titled Money Electric: The Bitcoin Mystery, included interviews with several early Bitcoin figures. Among those featured were Adam Back, who is often linked to the Nakamoto identity, Bitcoin investor Roger Ver, marketer Samson Mow, and Todd himself.
Filmmaker Cullen Hoback presented circumstantial evidence, including old posts from a Bitcoin forum, suggesting Todd’s possible role as Bitcoin’s creator. However, posts on the forum suggested that users were aware that Satoshi was attempting to mislead the community regarding his true identity.
In other news, a man from the UK is taking legal action against Newport City Council in an attempt to retrieve a hard drive he accidentally discarded in 2013. The hard drive reportedly contains 7,500 bitcoins, which are now valued at close to $500 million.
James Howells has been engaged in a 10-year battle to gain permission to dig up a landfill where he believes the device was dumped. However, the council has consistently refused his requests, citing environmental risks.
Howells maintains that the data on the hard drive can still be recovered, and he is seeking a judicial review of the council’s decision.
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