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.

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Stock Forecasts

IBITView IBIT chart on TradingView

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.

ARKBView ARKB chart on TradingView

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.

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