Bitcoin’s price surged to $74,500 as Donald Trump’s early lead in the U.S. presidential election fuels optimism among crypto investors. Trump’s pro-crypto stance, including a pledge to remove SEC Chair Gary Gensler, has raised hopes for reduced regulatory pressure on Bitcoin and XRP.
This favorable sentiment, combined with Mt. Gox’s recent cold storage move, has further bolstered Bitcoin’s momentum in the market.
Bitcoin and XRP Surge as Trump’s Early Election Lead Boosts Investor Optimism
As Donald Trump takes an early lead in the U.S. presidential election, his pro-crypto stance is driving gains in Bitcoin (BTC) and XRP. Trump’s pledge to remove SEC Chair Gary Gensler could impact the ongoing Ripple case, potentially paving the way for an XRP-focused ETF.
This has pushed XRP close to its July 2023 high of $0.93.
Trump has also pledged to designate Bitcoin as a U.S. reserve asset, fueling further price increases.
Additionally, Mt. Gox’s recent move to store Bitcoin in cold storage has reduced oversupply concerns, strengthening market confidence.
Price Projections: Experts predict BTC could reach $80,000 if Trump wins, but may fall below $50,000 if Kamala Harris prevails.
Market Sentiment: A Trump win could attract more crypto buyers, while a Harris victory might trigger regulatory concerns.
UK Pension Fund Invests 3% in Bitcoin as Institutional Adoption Grows
A UK pension fund has made headlines as the first defined benefit fund in the country to allocate 3% of its assets to Bitcoin, investing at a price of $65,800 on October 23.
Assisted by advisory firm Cartwright, this move aims to boost the fund’s growth potential and appeal to employees as a long-term savings option.
To secure the investment, Cartwright distributed the private key across five entities and is exploring cross-border Bitcoin payment methods and a Bitcoin savings plan for employees.
Institutional Impact: This investment highlights growing institutional interest in Bitcoin, which could inspire other pension funds.
Long-Term Outlook: Increased adoption by institutions may enhance Bitcoin’s growth and stability, attracting investors seeking diversified, secure portfolios.
Bitcoin Mining Difficulty Reaches 101T, Increasing Pressure on Small Miners
Bitcoin’s mining difficulty has reached a record 101.65 trillion, while the hashrate hit 755 EH/s, making it harder for miners to discover new blocks.
This difficulty adjustment, which changes every two weeks, has consistently risen throughout 2024, increasing competition among miners.
Smaller mining operations face greater financial strain as they struggle to keep up with larger, better-funded companies.
Some miners are selling Bitcoin to cover operational costs, with daily Bitcoin production at approximately 450 BTC, or around $31.5 million in sales.
Impact on Prices: Increased difficulty may lead to more selling pressure from miners, potentially causing short-term price fluctuations.
Network Security: As larger players dominate mining, Bitcoin’s network security strengthens, enhancing long-term confidence in the cryptocurrency.
Bitcoin Surges to $74,500 as U.S. Election Boosts Bullish Momentum
Bitcoin surged to $74,500 amid positive momentum following the U.S. election results, breaking through significant resistance levels.
Currently, Bitcoin faces immediate resistance at $75,500, the 127.2% Fibonacci extension level, with further resistance at $77,800 and $80,400.
Immediate support lies around $72,100, followed by $71,000 and $69,400, which aligns with the 50 EMA, offering a cushion for any pullbacks.
Bitcoin Price Chart – Source: Tradingview
The RSI has spiked to 77.8, indicating overbought conditions and suggesting potential consolidation or a minor correction before further gains.
A strong bullish engulfing candle suggests continued upward momentum, with Bitcoin aiming to test the next key level at $75,500.
Key Takeaways:
Immediate Resistance: $75,500, with further levels at $77,800 and $80,400.
Immediate Support: $72,100, backed by $71,000 and $69,400 (50 EMA).
RSI (77.8): Overbought, hinting at possible consolidation before further upside.
Conclusion
Bitcoin’s strong bullish momentum points toward a likely test of $75,500, though overbought conditions may trigger a brief consolidation.
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