Bitcoin and other cryptocurrencies saw a rise in prices on Tuesday. This happened as investors waited for the results of the U. S. presidential election. Bitcoin, the most well-known cryptocurrency, climbed to over $70, 000. Other cryptocurrencies like Ether, Solana, and XRP also saw gains. Even memecoins like Dogecoin and Shiba Inu increased by 12% and 8%, respectively.

Bitcoin's price was helped by the rise in stocks. It's currently close to its all-time high, which it almost reached last week. The race between Vice President Kamala Harris and former President Donald Trump is seen as crucial for the crypto industry. Many investors think a Harris win could be bad for crypto, but a Trump win could be good.

However, an analyst from Bernstein, Gautam Chhugani, believes Bitcoin will do well no matter who wins. He thinks Bitcoin is driven by U. S. fiscal policy, high debt levels, and monetary expansion. This makes people want hard assets like gold and Bitcoin. Chhugani predicts Bitcoin could reach $200, 000 by 2025, but it might drop to $50, 000 if Harris wins. If Trump wins, he thinks Bitcoin could hit $90, 000 this year.

The broader crypto market might face more risks from the election. A crypto-friendly Securities and Exchange Commission (SEC) could benefit all crypto assets, not just Bitcoin. Trump has promised a crypto-friendly SEC, while Harris has said she'll protect crypto ownership. But many in the crypto community want more specific policies from Harris.

Despite initial fears, some now think a Harris presidency might not be as bad for crypto as first thought. This is because of the tough stance the current administration has taken on crypto, with the SEC under Gary Gensler not providing clear rules and Senator Elizabeth Warren being against crypto.

Crypto Prices Jump Ahead of U. S. Election Results

Actions