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With the U.S. presidential election just days away, market watchers anticipate a volatile period for Bitcoin. Pseudonymous trader Daan Crypto Trades recently remarked on the looming influence of the election, suggesting that Bitcoinās price could move by at least 10% based on the election outcome. At present, Bitcoin sits around $68,682, slightly down over the past day.
In the days leading up to November 5, Bitcoinās volatility index surged to a three-month high, according to crypto derivatives data from Deribit. Bitcoin came close to an all-time high just last week, briefly reaching $74,649 on October 29, before retreating as election uncertainty weighed on market sentiment.
Analyst Tony Sycamore of IG Markets noted in a November 4 report that Bitcoin needs to break through the $74,000 resistance level to sustain its upward momentum. He added that a drop below $65,000 would likely mark a return to the bearish trend that has dominated Bitcoinās price movements for the past seven months.
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Candidates Bring Contrasting Crypto Agendas
Investor sentiment toward Bitcoin is markedly influenced by the starkly different crypto stances of the two leading candidates. Donald Trump has emerged as the more crypto-friendly candidate, with his promises to protect and stimulate the U.S. digital asset industry. Trumpās approach appeals to the pro-crypto segment of the electorate, who view his re-election as a potential tailwind for Bitcoin and related assets.
Kamala Harris, on the other hand, has avoided any in-depth commentary on cryptocurrency until recently. In a late-September statement, she indicated a willingness to encourage investment in both AI and digital assets but has otherwise remained silent on concrete crypto policies. Her cautious stance leaves some market participants uncertain about how supportive her administration would be toward the crypto sector.
Interest Rate Cuts
Beyond the election, Bitcoinās outlook remains tied to macroeconomic factors, especially the Federal Reserveās trajectory on interest rates. Following a significant 50-basis-point rate cut in September, further rate reductions appear likely. Such cuts are often seen as bullish for digital assets, as lower rates tend to diminish the appeal of traditional, safer investments like bonds.
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With both the election and potential rate cuts around the corner, Bitcoin traders are bracing for a tumultuous period, with major price swings anticipated based on how these two key events unfold.
