New Highs for BTC
Bitcoin traded up to fresh all-time highs today on news that Trump looks set to win the US elections. The Republican candidate posted a remarkable comeback result, so far tallying 267 out of the 270 votes needed to win against Harris’ 224. Additionally, the Republicans secured a majority in the Senate and are currently in the lead to take the House too with 195 of the 218 votes needed, against the Democrats 176. With Trump on the cusp of a possible Red sweep, the market reaction today has seen Trump trades exploding across the board.
Crypto Outlook
For the crypto world, the implications of a second Trump presidency are particularly encouraging. Given Trump’s pledge to support the crypto community by dismantling the strict regulatory framework put in place by Biden, crypto bulls are hoping for a fresh boom for the sector. What that looks like at this stage is unknown, but could include easier institutional access to crypto markets, wider use of crypto in the US mainstream and certainly less regulation for crypto businesses.
Market Reaction
Following an initial spike higher, BTC has settled a little lower through early European trading on Wednesday. However, if a Trump victory is declared, and particularly if a Red sweep is secured, BTC is likely to find fresh demand to continue higher into next week. Along with the move higher in BTC, smaller alt-coins and meme-coins are all rallying today with Dogecoin one of the stand out winners so far.
Technical Views
BTC
The rally in BTC saw price peaking at new highs around the 76k mark before softening. While above 72,550 the focus remains on a continued push higher in line with bullish momentum studies readings.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.