Trump’s Tumble: How the Former President’s Slipping Poll Numbers Are Dragging Bitcoin Down – A $70,000 Price Tag Hangs in the Balance
[이데일리 김가은 기자] Bitcoin, the leader in virtual assets, gave away around 100 million won. It has been rising thanks to the ‘Trump trade’, but it is interpreted that it was influenced by the recent news that the probability of winning has fallen.
(Photo = Pixabay)
According to CoinMarketCap, a virtual asset market relay site, on the 1st, as of 9:35 am, the price of Bitcoin recorded $70,179, down 2.91% from 24 hours ago. At the same time, Ethereum, a representative altcoin (virtual assets other than Bitcoin), was traded at $2,521, down 5.18% from the previous day, and Ripple was traded at $0.51, down 2.48%. At the same time, the Upbit standard price was 98.11 million won for Bitcoin and 3.525 million won for Ethereum. Ripple is 713.6 won.
The price of Bitcoin rose on the news that US Republican presidential candidate Donald Trump, who called himself the ‘Crypto President’, had a high probability of winning. Trump has revealed his favorable stance on virtual assets at every official appearance. Previously, he announced that he would stockpile Bitcoin as a U.S. national strategic asset if he re-enters the White House.
However, as the probability of Trump winning falls, investment sentiment appears to have declined. On this day, Trump’s probability of winning the presidential election fell from 67% to 61% at Polymarket, a virtual asset-based political betting site. This site allows users to vote using a stable coin worth $1. Previously, when the probability of winning for the first time on this site was 60%, the price of Bitcoin also rose.
Matt Hogan, CIO of Bitwise, said, “Recent mistakes by both parties (Trump’s Puerto Rico = Garbage Island, Biden’s Trump Supporter = Garbage Remarks) make it clear that the election results can be overturned by certain issues even when the election is right in front of us. “I was reminded again,” he said, adding, “As a result, related uncertainty has expanded.”
However, expectations for a new record high still remain. Henrik Seeberg, a macroeconomics expert and trader, predicted, “Bitcoin’s price could soar up to $123,000,” and added, “Bitcoin will go through a long consolidation phase and eventually break its all-time high.” He added, “After breaking the record high, Bitcoin is showing very strong upward momentum and will reach its target of up to $123,000 within three months.”
Ga-Eun Kim (7rsilver@edaily.co.kr)