Bitcoin rises towards USD70K amid political shifts in US
Date
7/23/2024 4:13:34 AM
(MENAFN) Bitcoin is rapidly approaching the USD70,000 mark, experiencing a 1.9 percent increase to reach USD68,100. This surge follows the announcement by U.S. President Joe Biden that he will not be running in the upcoming presidential election. The cryptocurrency market has responded positively to this news, largely due to the stance of Biden's Republican rival, Donald Trump. Trump has been an outspoken supporter of cryptocurrencies, particularly Bitcoin, and has expressed his favorable view on multiple occasions. His campaign even accepts donations in digital assets, and it has been reported that Trump has discussed cryptocurrency policies with billionaire Elon Musk.
The potential return of Trump to the White House is seen as a double-edged sword for the global economy. On one hand, it could lead to increased support for cryptocurrencies; on the other hand, it raises the specter of heightened international economic and trade uncertainties. Trump's promises to impose tariffs on China and the European Union could disrupt global markets, causing fluctuations in the dollar index and creating an environment where digital currencies like Bitcoin might gain further traction as alternative assets.
As the political landscape shifts, Bitcoin's upward momentum reflects investor sentiment that favors the cryptocurrency in times of potential economic instability. The market's response underscores the complex interplay between politics and financial markets, with Bitcoin positioned as a key beneficiary of the current developments.
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