Bitcoin prices briefly fell after Biden decided not to run for re-election, but then recovered as the market reacted to the possibility of a showdown between Trump and Harris. Cryptocurrency traders and fans are excited, believing that Bitcoin will see a new dawn under Trump's leadership. Trump is expected to speak at a Bitcoin conference on July 27, with the market anticipating an increase in investability under his leadership. In contrast, little is known about Harris's stance on cryptocurrency issues. Interest in call options for December 2024 is rising, indicating that institutional investors are increasingly bullish on Bitcoin
Although the price of Bitcoin briefly fell after US President Biden decided not to run for re-election, the sentiment among cryptocurrency traders and fans remains high.
The market reacted to the possibility of a showdown between Trump and Harris, but Bitcoin has recovered from earlier losses and is hovering around $68,000.
Tony Sycamore, market analyst at IG Australia Pty, said, "The rise in Bitcoin reflects the market's view that under a Democratic Party led by Harris, they cannot surpass Trump in the White House race, and under a US president who supports cryptocurrencies, Bitcoin is seeing a new dawn."
On platform X, Elon Musk's profile picture has "laser eyes," which are typically seen as a symbol of Bitcoin enthusiasm, and popular cryptocurrency accounts are celebrating this thriving uptrend.
Magnet Capital's Co-Chief Investment Officer Benjamin Celermajer said, "We expect that under the leadership of the Trump administration, the market's investability will greatly increase." He expects tokens with "true value drivers" to perform well, citing tokens related to Maker, Aave, and Lido protocols as examples.
Trump has notably shifted towards supporting cryptocurrencies in recent months, and he is set to speak at an important Bitcoin conference in Nashville on July 27. The Republican presidential candidate will also host a fundraising event after the conference, where potential attendees are asked to donate $844,600 for each seat.
Celermajer of Magnet Capital said, "In contrast, we know very little about Harris's stance on cryptocurrencies. She has neither shown much support nor opposition to the industry."
Teong Hng, CEO of cryptocurrency investment firm Satori Research, said that activity in the off-exchange options market indicates that Bitcoin may soon revisit its all-time high.
Interest in call options for December 2024 with a strike price of $100,000 is rising, indicating increasing bullish sentiment among institutional investors. Hng said he "expects a strong rebound by the end of the year, with a Trump victory being a highlight."
Last week, as calls for Biden to withdraw from the race increased in frequency and intensity, Bitcoin's performance was relatively strong, contrasting sharply with the weakness in the stock market.
Chris Weston, research director at Pepperstone Group, wrote in a report, "In addition, the potential momentum behind recent inflows into Bitcoin exchange-traded funds (ETFs) suggests that we may see Bitcoin approach $70,000 again." ”