- Bitcoin remains relatively stable, while altcoins and stablecoins show remarkable growth.
- Peter Schiff expresses concerns over Bitcoin’s weak performance despite Trump’s increasing odds.
- Schiff comments that the community’s increasing BTC purchase may have weakened the price action.
The global crypto market is rising as former President Donald Trump’s election odds increase against VP Kamala Harris. While Bitcoin stays relatively stable, economist Peter Schiff noted that Bitcoin is the only asset not rallying. Many believe Trump’s potential win in the presidential election is a positive signal for Bitcoin, but Schiff’s comments have sparked speculation.
The #Trump trade is on, yet #Bitcoin is the one Trump asset not rallying. It’s widely believed that a Trump win is bullish for Bitcoin. So why isn’t Bitcoin rising along with the betting odds on Trump? Maybe all the speculators have already bought. Get ready for the Trump dump.
— Peter Schiff (@PeterSchiff)
October 23, 2024
The crypto market cap has now hit $2.32 trillion, with the stablecoin market surging to $173 billion. Key players in the altcoin market have also seen notable gains over the past few days. The recent uptrend in the crypto market is driven mainly by expectations of Trump’s victory in the upcoming election. According to Polymarket’s prediction market, Donald Trump holds a 27.6% lead over Kamala Harris, with odds of 63.7% to her 36.1%.
Notably, the crypto industry faced tighter regulations and anti-crypto policies under President Joe Biden’s administration. Trump, however, presents himself as the “crypto president”, and the community remains hopeful about his crypto-friendly stance. Lisa Wade, chair of the Digital Economy Council of Australia, stated:
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“Crypto markets have suffered from regulatory uncertainty globally, so Trump winning would represent a seismic shift given the Securities Exchange Commission under Biden has been regulating by enforcement and trying to destroy the industry.”
Fueled by Trump’s support for Bitcoin, industry experts, including Robert Kiyosaki, believe that a Trump win could push Bitcoin to new all-time highs. However, Schiff remains doubtful of Bitcoin’s current slow pace compared to the surging altcoin market. He raised the question, “Why isn’t Bitcoin rising alongside Trump’s increasing election odds?” Schiff suggested that large-scale Bitcoin purchases by the community could be the reason for the coin’s lackluster performance.
As of press time, Bitcoin is trading at $67,138, marking a slight 24-hour dip of 0.61%. Over the last week and month, the asset saw small gains of 0.14% and 5%, respectively. Schiff’s comments continue to raise concerns about Bitcoin’s stagnant performance, despite Trump’s rising election odds.
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https://coinniu.com/trumps-election-odds-propel-crypto-market-bitcoin-stays-stagnant/
