The Trump Bump
Disclaimer: Your capital is at risk. This is not investment advice.
ByteFolio Issue 116;
Bitcoin has jumped over the weekend, with many media outlets attributing the attempted assassination of the Republican presidential candidate and former US President Trump as a driver.
Bitcoin Trend score 3/5
It makes sense as the prediction markets responded positively, with Trump now having a 67% probability of a win in November. This is deemed to be good for crypto, as he has aligned himself as pro-crypto, although he hasn’t said much on the subject recently.
President Trump Prediction Market
The other event to consider is the dollar, which slid in July. Bitcoin peaked on 13 March when the dollar began to rally. It bottomed earlier this month just as the dollar started to ease. I would think this would be a more important factor for crypto to have a sustained rally because it gets to the heart of the matter. Crypto is an alternative asset that offers protection against the demise of fiat.
A Sliding Dollar
The good news is that we have found support after the market setback. My hunch is that the new high will not be imminent but may come around October, keeping in line with the past two halving cycles.
