As we reported as Kriptokoin.com, the impact of the US presidential elections had a huge impact on the crypto market. However, Bitcoin reached a new high at $75,100. With former President Donald Trump’s rise to prominence in the election, investors’ interest in cryptocurrencies increased. Additionally, this has reversed the downward trend in Bitcoin’s value seen over the past few weeks. Market experts point out that Trump’s support for cryptocurrencies and his statements about the United States’ goal of becoming a superpower supporting Bitcoin have increased investor confidence.
Bitcoin’s Rising Price Movement with the Election
There has been a significant increase in the price of Bitcoin in recent days due to the impact of the US elections. Last week, institutional investment inflows into cryptocurrencies reached $2.2 billion. In particular, the expectation of a Republican victory stands out as the most important factor behind this investment wave. While the probability of Trump winning reached 93.3% on the prediction platform Polymarket, bets in favor of Trump reached up to 1.41 billion dollars.
However, it has revived investor interest. As investor confidence in Bitcoin increased since August, BTC outflows on the stock exchanges increased. This shows that investors have started to accumulate long-term Bitcoin. It also indicates that the market continues to have positive expectations for its future.
Support Levels in Altcoins and Bitcoin
Bitcoin price exceeded the $ 74,000 level with an increase of over 8% due to the impact of the elections. The price bounced from the $68,248 support level and formed new support levels at $73,773 and $71,367. However, if investors take profit at these levels, the price is expected to stabilize at these levels. Some analysts warn that there could be a sharper pullback in the market.
This upward trend was also accompanied by altcoins. Ethereum (ETH) rose 6.6% to $2,589. Additionally, Solana (SOL) rose by 15.1%, Dogecoin (DOGE) by 25% and XRP by 4.9%. In the case of Dogecoin, Trump’s election victory and the DOGE story with Elon Musk led to increased interest in meme coins. Additionally, Avalanche (AVAX) gained 13.3% and SUI (SUI) gained 20%.
Trump’s Support for Cryptocurrencies and Future Expectations
Donald Trump’s support for cryptocurrencies during his election campaign created a positive atmosphere among Bitcoin investors. Trump stated that the US government will not sell its BTCs during the presidential campaign and that he aims to make the US a Bitcoin superpower. At the same time, he frequently expressed his confidence in Bitcoin and declared, “Never sell your Bitcoins.” Trump’s statement that he will dismiss current SEC Chairman Gary Gensler, who has a negative attitude towards cryptocurrencies, is another factor that increases investor expectations.
Bitcoin currently continues to trade at $74,700. This rise during the election period is considered as a harbinger of a new record in the market and leads to optimistic expectations among crypto investors.
