Investing.com – The stock rose above $70,000 for the first time in more than a month on Monday, peaking at $70,580 late in the afternoon.
However, the cryptocurrency subsequently corrected, settling at $68,700 on Tuesday morning at the time of writing, but maintains an overall positive profile.
Recall that the crypto market was boosted last week by the approval of spot ETFs, although it will probably still be a few weeks before trading on these products begins.
However, other factors also support Bitcoin and other cryptocurrencies, such as US presidential candidate Donald Trump’s increasingly favorable stance on digital assets.
Indeed, Trump announced last week that he would accept crypto donations for his campaign.
The former president also declared on the Truth Social network which belongs to him that he is “very positive and open-minded towards crypto-currency companies and everything related to this new sector in booming”.
He expressed his desire to see the United States “be the leader in this area,” adding that President Joe Biden “wants that [l’industrie des crypto-monnaies] dies a slow, painful death,” and promising that it “will never happen” with him.
Note also that the blockchain data analysis company Arkham Intelligence revealed yesterday that Donald Trump’s holdings in cryptocurrencies now exceed $10 million, the bulk of which ($7.3 million) comes from his position on crypto. Maga (TRUMP), a token bearing his image whose developer offered a significant quantity of tokens during the launch.
However, the posted an impressive rally of almost 60% between Saturday morning and Monday morning, which propelled the value of Trump’s crypto portfolio upwards.
Indeed, Maga (TRUMP) is in some way used by crypto traders as a way to bet on the US presidential election, any advance by Trump in the polls thus being considered as a bullish factor for the token, and this one has clearly progressed in the polls recently.
However, given Trump’s now strongly pro-crypto stance, the billionaire politician’s rise in the polls should also be seen as an important bullish factor for cryptocurrencies in general, and one more reason to anticipate an imminent new record. of BTC.
