A new report by 10x Research suggests a connection between Bitcoin's recent price surge and Donald Trump's strong position in the 2024 election race. The report highlights a 4% rally in Bitcoin's price following news of President Biden's continued candidacy despite a weak debate performance. This news, coupled with polls suggesting a potential Trump win, is seen as positive for Bitcoin given Trump's crypto-friendly stance. However, the report warns that Bitcoin's gains might not be sustainable due to several factors, including potential sales by miners due to summer heat and a recent increase in Bitcoin balances on exchanges. Additionally, stablecoin outflows suggest a move from crypto back into fiat. While Trump's popularity may initially boost Bitcoin, consolidation is likely ahead with potential Mt. Gox Bitcoin flows and sales from entities like the German government further impacting the market.
Bitcoin's Rally Linked to Trump's Election Odds: Is It Sustainable?
Summary:
10x Research report links Bitcoin's recent price surge to Donald Trump's strong position in the 2024 election race.
A 4% rally in Bitcoin followed news of President Biden's continued candidacy despite a weak debate performance.
Trump's potential return to the White House is viewed positively by the crypto market due to his crypto-friendly stance.
Bitcoin's gains may not be sustainable due to potential sales by miners, increased Bitcoin balances on exchanges, and stablecoin outflows.
Consolidation is likely ahead with potential Mt. Gox Bitcoin flows and sales from entities like the German government impacting the market.
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