Crypto prices rise on Election Day as investors anticipate outcome
Published On Nov 5, 2024, 4:59 PM
On Election Day, cryptocurrency prices increased as investors speculated on the outcomes of the U.S. elections, particularly regarding potential policies favoring digital assets. Bitcoin rose more than 2.3%, surpassing $69,000, while Ethereum climbed by over 1.3%. Additionally, related ETFs such as the iShares Bitcoin Trust and ARK 21Shares Bitcoin ETF saw gains exceeding 3%. Both presidential candidates, Donald Trump and Kamala Harris, have expressed support for cryptocurrency growth.
Stock Forecasts
IBIT
Positive
Given the favorable sentiment towards cryptocurrencies from key political figures and the positive market reaction on Election Day, it's likely that crypto-related investments will continue to see upward momentum in the near term. Investors may find opportunities in Bitcoin and its associated ETFs as public interest and investment inflows recover following a period of volatility.
ARKB
Positive
The recent gains in Bitcoin and the presidential candidates' positions indicate a potential shift towards a more positive regulatory environment for cryptocurrencies. This trend may lead to heightened investor confidence and increased trading volumes in crypto-related ETFs, suggesting a bullish trend for the foreseeable future.