Bitcoin climbs more than 8% amid political speculations – London Business News | Londonlovesbusiness.com

The price of Bitcoin experienced a remarkable increase of more than 8% since the opening of the Asian market this week, reaching the zone of $65,000.00 dollars.

This surge is primarily attributed to the expectation of more favorable regulations in the United States and speculation about Donald Trump’s potential victory in the 2024 presidential elections.

These factors have created an atmosphere of optimism among investors and cryptocurrency enthusiasts.

One element contributing to this optimism is the proximity of the Securities and Exchange Commission (SEC) to approving exchange-traded funds (ETFs) that track Ether, the second most important cryptocurrency after Bitcoin.

The approval of these ETFs would be a significant step towards the widespread acceptance of cryptocurrencies and could pave the way for clearer and more favorable regulation in the future.

Speculation about Trump’s victory has also played a crucial role in the recent Bitcoin price increase. Trump, nominated as the Republican presidential candidate, has previously supported the cryptocurrency industry. Many see his possible return to the White House in 2024 as an opportunity for a more friendly and less restrictive regulatory environment for cryptocurrencies in the United States.

The relationship between politics and the cryptocurrency market has become increasingly evident. Investors’ perception of the regulatory framework can significantly influence cryptocurrency prices. A potential second term for Trump could bring policies that promote innovation and adoption of cryptocurrencies, which the market would welcome.

In conclusion, the more than 8% increase in Bitcoin’s price reflects the regulatory optimism surrounding the potential approval of ETFs that track Ether and the speculation about a possible second term for Donald Trump. Both factors have created a favorable environment for cryptocurrencies, boosting their value and attracting the attention of investors and enthusiasts alike. With a more friendly regulatory framework, the future of Bitcoin and other cryptocurrencies in the United States could be promising.