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The price of Bitcoin has risen amid the growing likelihood of Donald Trump winning the U.S. presidential election and the dovish message from Federal Reserve Chairman Jerome Powell.
As news continues to pour in over the weekend, the selling pressure that has been building in the crypto asset markets for some time appears to have eased.
While previous positive rhetoric about the crypto asset market and the increased likelihood of Trump’s presidency supported risk appetite, the Federal Reserve’s pricing in two rate cuts this year also had an impact on the rise in the crypto asset market.
Data from analysis firm Coinmarketcap shows that the global crypto asset market value, including Bitcoin, has once again risen above $2 trillion, while the price of Bitcoin, the largest crypto asset, has continued to rise over the past 24 hours amid hopes of easing regulation of the U.S. cryptocurrency market.
10% increase in 1 week
As of 12:00 CEST, Bitcoin’s value gains since Friday had increased to 10%, but analysts reported that profit selling played a role in the decline.
Ethereum, the second-largest cryptocurrency by market value, remains below $3,400. As of 11.10 CET, Ethereum was trading at $3,000 390.
Analysts say the impending approval of new U.S. investment vehicles and the growing likelihood that Trump will win the White House after the presidential election in early November are seen as positive for the cryptocurrency market.
Analysts note that investors are currently awaiting Republican nominee Donald Trump’s return to power, with the industry particularly hoping for less restrictive regulation in the future, as Trump has recently positioned himself as crypto-friendly.
Analysts noted that reduced uncertainty in the U.S. election has also increased demand for crypto assets, saying investors see Bitcoin as an escape hatch to store liquidity.
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