Bitcoin Eyes $13 Billion Market Cap; The Trump and Hillary Effect
As the fight between Donald Trump and Hillary Clinton continues to gain steam, the Bitcoin price may witness further increase in the coming days. Read more…
The recent developments in the cryptocurrency market have got Bitcoin’s price soaring. The digital currency has gained almost $100 since the past few weeks as a cloud of uncertainty looms over the global markets. While the worsening Chinese economy set the ball rolling, the upcoming US elections may further amplify the situation.
Bitcoin price received a much-needed boost in the recent days due to renewed interest in the digital currency among Chinese investors. Recent reports have indicated high chances of continued capital outflow from China, which is increasing year on year. As the Chinese population continues to look for alternate modes of investment and fund transfer that can overcome strict capital controls, Bitcoin presents itself as an ideal solution.
Driven by the Chinese activity, Bitcoin price has now stabilized at the $725 range. But not for long, the recent events connected to the US presidential elections may soon lead to further increase in demand for Bitcoin, driving its price upwards to $800. The US economy and stock market is deeply entwined with the country’s political landscape. The upcoming elections on November 8, 2016, will be one such checkpoint that will decide the direction markets will take in the coming days.
This post was published at NewsBTC on November 2nd, 2016.