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Bitcoin jumped above $64,000 for the first time in a month on Monday, as traders turned tailwinds that sent shares of the asset's major stocks higher.
The world's largest crypto rose 5.7% by market capitalization to $64,680, reversing losses late last month on fears. Germany Bitcoin sales, CoinGecko Data It shows.
At the time of writing, the property has since dropped to $64,550.
The rate cut by the US Federal Reserve and the volatile political situation in Washington are helping to fuel investors' interest in crypto, Pratik Kala, head of research at DigitalX, told Decrypt.
“If Trump wins, it will boost the crypto market and increase the possibility of new leadership at the Securities and Exchange Commission,” Kala said.
It flows to America Bitcoin Exchanges, Post-Half Supply Shortages, and the Launch of Ethereum Spot ETFs next week Kala said that they are increasing their demand.
SEC Chairman Gary Gensler, appointed by President Joe Biden, has criticized his approach to policing the industry in what crypto supporters say is litigious litigation.
A change of guard at the country's top regulator could lead to more regulations for crypto and the introduction of new investment options, including Solana's exchange-traded fund, Kala said.
Shares of MicroStrategy, which is riding high on the crypto revival, rose 15.3% to $1,611 on Monday, its highest point since June 6, while Coinbase rose 11.4% to $242.
Traditional stocks tied to the asset class, which are considered proxies for crypto performance by analysts, have trailed smoothly. Bitcoins Rising this year.
As a result, mining stocks also saw a rise on Monday, with Bernstein research Investors are becoming more receptive to changing perceptions around Bitcoin as a potential energy asset.
While interest in crypto-linked stocks remains high, surprises in US retail sales figures on Thursday could dampen market sentiment.
If Trump loses the election, or if the market believes his policies will lead to more inflation and higher interest rates, the crypto's value could change, Kala added.
“Otherwise, Bitcoin looks like a good setup right now.”
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