The world's most famous cryptocurrency soars and breaks $64,000 amid US election tie
The price of bitcoin registered a 3.21% increase on Monday, reaching $64,891.02, driven by political polls showing a tie between Donald Trump and Kamala Harris in the US presidential race.
Bitcoin hits $64,891 after Trump-Harris US election tie, boosting cryptocurrency market / TradingView
Political impact on the cryptocurrency market
The news that candidate Kamala Harris lost her lead to Donald Trump has shaken the financial market, especially the bitcoin market. Three recent polls, including those by NBC News, ABC News/Ipsos and CBS News, reveal that the difference between the two candidates has decreased significantly, leaving them practically tied. According to NBC News, both candidates have 48% support.
Trump and his relationship with bitcoin
Donald Trump has openly declared his support for the cryptocurrency sector, highlighting his interest in promoting it from the White House. In his campaign, he mentioned his company World Liberty Finance, which his children are involved in, who introduced him to the world of NFTs, helping him generate millions in digital trading card sales. Trump previously criticized regulations imposed by Democrats and the SEC on the crypto sector.
Bitcoin technical analysis
The price of Bitcoin continues its rise above the 25-day and 50-day exponential moving averages (EMA), suggesting a short-term bullish trend. However, it faces significant resistance at $66,500. Low trading volume also shows little interest, and bulls are still too weak to break key resistances. In the futures market, open interest grew 5.12% to $34.41 billion, while liquidations totaled $69.73 million, with 81.98% coming from short positions.
Political influence remains a key factor in the volatility of the cryptocurrency market. With the US election just around the corner, the market's attention remains fixed on polls and candidate statements.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.