Bitcoin (BTC) rallied as independent candidate Robert F. Kennedy halted his presidential campaign to instead put his weight behind republican candidate Donald J. Trump.
Bitcoin’s rally was further exacerbated by U.S. Federal Reserve Chairman Jerome Powell confirming on Friday that an monetary easing cycle will start next month. Bitcoin nearly touched $65,000 earlier today, according to CoinMarketCap data.
Market movements
Currently, Bitcoin is trading just under $64,000 after seeing its price reach $64,860 earlier today. The world’s first cryptocurrency also saw $20.26 billion worth of trading volume over the last 24 hours. The current price represents a sizable increase of over 9% compared to seven days ago.
CoinMarketCap global charts also show that over the last seven days the total crypto market cap went from $2.06 trillion up to $2.24. This is equivalent to $180 million entering the cryptocurrency market in a single week.
Kennedy’s removal from the presidential race is expected to increase Trump’s odds of winning the presidential race, which is further exacerbated by his endorsement. Trump is largely viewed as the most pro-crypto candidate, partly thanks to his plans to create a United States strategic Bitcoin reserve fund.
As ReadWrite reported at the end of July, draft legislation shows that such a reserve would be partly financed by revaluing gold certificates held by the Federal Reserve System. Multiple financial analysts say that Trump’s victory could have Bitcoin see further growth, with a recent Bernstein Research report reading:
“We believe the Bitcoin price would bottom, only if the crypto market catches a bid on a likely Trump win, given [the] crypto market continuing to interpret only a Republican win as positive for crypto policy.”
Ethereum (ETH) saw similar appreciation. The cryptocurrency that unleashed smart contracts and decentralized finance on the world is currently trading at $2,735 after seeing a 6% over the last seven days. Furthermore, 24 hours trading volume stands at $9.55 billion.
