The selling pressure that has been going on in the cryptocurrency markets for a while seems to have lost strength with the news flow that has been going on since the weekend.
While the increasing possibility of Trump winning the presidency in the positive discourses about the cryptocurrency markets supported the risk appetite, the pricing that the Fed will cut interest rates twice this year also played a role in the upward movement seen in the cryptocurrency markets.
According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has risen above $2 trillion again, while the price of Bitcoin, the largest cryptocurrency, has approached $65,000 for the first time since the end of June in the last 24 hours, amid hopes of easing regulations for the crypto market in the US.
While the value gain recorded in Bitcoin, which is traded at $63,000 as of 12:00 Turkish time, has increased to 10 percent since Friday, analysts reported that profit sales were effective in the said decline.
The price of Ethereum, which ranks second in terms of market value, remained below $ 3,400. As of 11:10 UTC, Ethereum was traded at $ 3,390.
Analysts stated that both the approaching approval of new investment instruments in the US and the increasing possibility of Trump running the White House after the presidential elections in early November are evaluated positively in the crypto market.
Noting that investors are currently waiting for Republican candidate Donald Trump to return to power, analysts noted that since Trump has recently positioned himself as a crypto-friendly figure, the sector is particularly hopeful for less restrictive regulation in the future.
Analysts pointed out that the decreasing uncertainty regarding the US election campaign has also increased the demand for crypto assets, noting that investors see Bitcoin as an escape vehicle to park liquidity.
