Delivery time2024-10-20 07:31
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Adjusted after first exceeding 100 million won in March of this year… Strong rebound after 7 months
The probability of Trump winning rises rapidly… Volatility is likely to become extreme ahead of the US election.
bitcoin
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(Seoul = Yonhap News) Reporter Park Yong-joo = Interest is growing as to whether the price of Bitcoin, the leading cryptocurrency, will surpass the 100 million won mark again.
This is thanks to the so-called ‘Trump Trade’ acting as a catalyst amidst increased global liquidity.
However, as market volatility is expected to become more extreme as the U.S. presidential election gets closer next month, investors need to be careful.
According to the virtual asset industry on the 20th, expectations are growing in the virtual asset market that the price of Bitcoin can once again exceed the 100 million won mark.
In Korea, the price of Bitcoin exceeded 100 million won for the first time in March of this year, then fell to the low 70 million won range in early September and was adjusted for six months.
After that, the situation began to turn around. As overall liquidity increased around the US’s ‘big cut’, the price of Bitcoin rose to the 80 million won range, but after mid-October, the increase further expanded and recently rose to the 93 million won range.
The financial market is pointing to ‘Trump trading’ as the reason for the recent strength in the price of Bitcoin. As analysis suggests that the likelihood of former U.S. President Donald Trump coming back to power has increased, investors’ funds are pouring into assets expected to benefit.
The US election betting market is the epicenter of this analysis. The size of Trump’s trade increased as some betting sites raised the odds of former President Trump being elected to around 60%.
His rival, U.S. Vice President Kamala Harris, also announced a pro-virtual asset market policy, but the market is focusing on former President Trump’s provocative message.
Former President Trump promised to fire Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), who has been criticized for his strong regulation of virtual assets.
Another reason why former President Trump is popular in the virtual asset market is that he already owns $1 million (approximately 1.322 billion won) worth of Ethereum (according to U.S. media disclosure data of public office candidates).
In the virtual asset market, there is a growing expectation that if this trend continues, the price of Bitcoin will exceed 100 million won again and set a new all-time high.
Bitcoin exceeds 100 million (March 11, 2024)
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The industry believes that the global interest rate cut atmosphere and China’s economic stimulus policy also provide a favorable environment for the virtual asset market.
This is because as overall liquidity increases, more money flows into virtual assets, which are one of the representative risk assets.
However, as the US presidential election on the 5th of next month approaches, volatility is expected to become more extreme.
In a close election, there is a high possibility that each candidate’s approval rating will fluctuate sharply due to small details, and the market will fluctuate accordingly.
An official in the virtual asset industry said, “The market also reacted violently to the news that the possibility of former President Trump, who was more friendly to virtual assets, being elected increased, but when news of Harris’s lead in Park Bing’s election is announced, the market will swing in the opposite direction. “The possibility is significant,” he said.
Report via KakaoTalk okjebo
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2024/10/20 07:31 Sent
