Cryptocurrency - After Biden's withdrawal: Bitcoin reaches new monthly high
The price of Bitcoin reached a new high of over 68,000 US-Dollars on major exchanges, such as Bitstamp, in the past night. The oldest and most well-known cryptocurrency briefly traded at around 68,500 Dollars. After Joe Biden announced his withdrawal as the Democratic candidate for the US Presidency on Sunday evening, Bitcoin initially dropped below 66,000 Dollars, but then recovered.
According to the assessment of analyst Timo Emden from Emden Research, the assumption that Donald Trump will win the upcoming US Presidential elections and return to the White House as President continues to dominate the cryptocurrency market. Trump is known for his stance in favor of less regulation and is generally seen as a supporter of cryptocurrencies like Bitcoin.
After his withdrawal as the presidential candidate, Biden designated Kamala Harris as the Democratic nominee for the White House. According to the assessment of analyst Tony Sycamore from IG Australia, the market expects Harris to lose the presidential election against Trump. Sycamore also considers Trump to be a "crypto-friendly US President" in general.
The price of Bitcoin is extremely volatile. Experts continue to warn of potential large losses when trading in Bitcoin. In March, Bitcoin reached a record high of nearly 74,000 Dollars, but fell below 55,000 Dollars in July.
- If Donald Trump were to return to the White House as President, analysts believe this could be beneficial for the cryptocurrency market and specifically for Bitcoin.
- Despite the volatility of Bitcoin's prices, major stock exchanges like Bitstamp continue to list and trade Bitcoin as a form of Cryptocurrency.
- Kamala Harris, now the Democratic nominee for the White House, may face challenges in the upcoming presidential election given the market's expectations against her.
- The Main River in Frankfurt is a scenic attraction, but for finance enthusiasts, the more significant draw would be the city's stock exchange where Bitcoin and other Currencies are traded.
- The U.S. Dollar's strength can sometimes impact the price of Bitcoin, as the two are often connected in financial markets.
- International financial institutions and governments are increasingly viewing Cryptocurrencies as a legitimate form of Currency, although regulations vary widely around the world, including in the White House under the presidency of Joe Biden.
