Market expectations of a weakening US dollar may be behind Bitcoin’s recent surge, overshadowing election speculation.
Bitcoin’s recent price surge may be less about speculation over the United States elections and more about market expectations of a weakening US dollar.
According to a July 22 analysis by crypto custodian Copper, an increasing likelihood of former US President Donald Trump winning a second term in the November elections has led to a rally in prices. However, the movement could be tied to “market expectations that the US dollar will lose ground against other currencies, as it has historically under a Republican White House.”
Bitcoin (BTC) price has rallied more than 6% in the past seven days, jumping from roughly $63,500 on July 15 to around $68,000 at the time of writing.
