Biden's decision initially caused Bitcoin's price to drop below $66,000. However, there was a quick recovery, which analysts attribute to changes in market expectations for the upcoming presidential elections. Timo Emden from Emden Research emphasizes that the cryptocurrency market is dominated by the assumption that Donald Trump has a good chance of returning to the White House. Trump is known for his stance in favor of less regulation of financial markets, which makes him a supporter of cryptocurrencies.
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Kamala Harris has been nominated by Biden as the Democratic nominee for the White House. Analyst Tony Sycamore from IG Australia indicates that the market expects Harris may lose the election to Trump, who is perceived as a "crypto-friendly president".
It is worth recalling that the price of Bitcoin is extremely volatile. Experts continue to warn against potential large losses when trading Bitcoin. In March this year, the cryptocurrency hit an all-time high of almost $74,000, but fell below $55,000 in July.
Analysts predict that Donald Trump's return to the presidency may prove beneficial for the cryptocurrency market, in particular for Bitcoin. Despite this volatility, exchanges like Bitstamp continue to list and trade Bitcoin as a form of cryptocurrency.
Kamala Harris, as the Democratic candidate for president, may face serious challenges in the upcoming elections, given current market expectations. At the same time, global financial institutions and governments are increasingly recognizing cryptocurrencies as a legal form of money, although regulations vary significantly from country to country.
