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Home»ADOPTION NEWS»Analysts say Bitcoin will benefit from ‘Trump Deal’ ahead of November US election
ADOPTION NEWS

Analysts say Bitcoin will benefit from ‘Trump Deal’ ahead of November US election

By Crypto FlexsJuly 22, 20243 Mins Read
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Analysts say Bitcoin will benefit from ‘Trump Deal’ ahead of November US election
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Analysts said they expect the “Trump deal” to pay dividends in the next 105 days leading up to the November election.

According to a ZeroCap Crypto Markets report on Monday, digital assets are likely to rally on the back of expectations of a Donald Trump victory, along with certain stocks. “The ‘Trump deal’ has been a major catalyst for continued gains here, with investors buying energy, banks, and bitcoin,” ZeroCap analysts said.

Joe Biden drops out of presidential race

The ZeroCap report says the chances of Donald Trump returning to the White House have increased after incumbent US President Joe Biden announced he would drop out of the race and later endorsed Kamala Harris as his successor. The report also adds that polls show Harris to be less popular than incumbent Biden.

In this context, analysts say the recent moves by the Democratic leadership make it more likely that a pro-cryptocurrency government will be inaugurated in November.

“Trump has said he will free Silk Road founder Ross Ulbricht, who is serving a two-year life sentence, and has said he wants to enable innovation in the cryptocurrency space by deregulating it,” the report said.

Kamala Harris-Inspired Mimecoin Surges After Support

Since Biden dropped out of the race, Kamala Harris has gained support from major political figures to become the Democratic Party’s new presidential nominee. Former President Bill Clinton and former Secretary of State Hillary Clinton were among those who endorsed Harris in the hours after Biden’s announcement.

Harris’s support has been reflected in the Mimecoin market. According to CryptoQuant data, Kamala Harris-inspired typo Mimecoin Kamala Horris (ticker: KAMA) has surged more than 50% in the last 24 hours. In contrast, Joe Biden-inspired typo coin Geo Borden (ticker: BODEN) has fallen 70% in the same period.

In the recent bull market of cryptocurrency, Bitcoin hit a daily high of $68,400 today. If this momentum continues, it could approach its all-time high of over $73,000.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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