Bitcoin Miners Poised for Potential Boom Amid Trump's Increasing Odds of Victory

Bitcoin Miners Could Enjoy A Trump-Fueled 'Goldilocks Scenario,' Say Analysts

'Trump pump' boosts Bitcoin above $63,000, signaling investor optimism for a pro-crypto political landscape. Bitcoin BTC/USD miners are looking at a promising future, dubbed a "Goldilocks scenario," influenced by the "Trump factor," according to analysts at Bernstein. What Happened: As reported by The Block, analysts Gautam Chhugani and Mahika Sapra noted that the scenario includes a higher likelihood of pro-Bitcoin political change, the U.S. becoming a focal point for Bitcoin miners, who are valued for their power interconnect lead, and miners solidifying their position as strong AI data center partners. Bitcoin's price initially fell after the assassination attempt on former President Donald Trump, but rebounded strongly around 6% from $59,250 to $63,000 in Monday morning trading, a move some have dubbed the "Trump pump". Decentralized prediction market platform Polymarket now shows a 71% chance for a Trump win in the upcoming U.S. presidential election, up from about 60% at the time of the incident. The crypto market views a Trump victory as more favorable for crypto, given the Biden administration's regulatory crackdown on the industry. Chhugani and Sapra also expect public miners' stocks to open positively on Monday, following the weekend's events. They also reiterated their Bitcoin price targets of $200,000 by the end of 2025, $500,000 by the end of 2029, and $1 million by the end of 2033. Read Also: Trump Or Biden? Most Economists Say This Candidate's Win Could Bring Higher Inflation Why It Matters: The recent surge in Bitcoin's price, breaching $63,000 for the first time in 12 days, was largely driven by U.S. institutional investors purchasing the digital currency after weeks of sell-offs. Indicative of a broader market rebound is a Bitcoin wallet, inactive for nearly 12 years, sprung into action, transferring $60 million worth of Bitcoin. Coupled with Germany terminating its liquidations, market participants are hoping for the rally to continue into the second half of July. What's Next: These topics are expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19. Read Next: Trump Media & Technology (DJT) Surges Over 60% Pre-Market: What's Driving The Rally? This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock Market News and Data brought to you by Benzinga APIs

Bitcoin: Growing Trump Win Odds Could Prove a Catalyst for Next Bull Run | Investing.com UK

Unlock AI-powered Stock Picks for Under $8/Month: Summer Sale Starts Now! The cryptocurrency market ran out of steam in recent weeks after valuations appeared stretched, and that has been evident with the price declines seen in Bitcoin. The crypto has dipped below a key support level of $53,000. However, a potential silver lining has emerged for Bitcoin bulls. The recent failed assassination attempt on Donald Trump has boosted his chances of winning the election, and a Trump victory is seen as positive for Bitcoin. Over the past weekend, dramatic events during Donald Trump's meeting with voters in Pennsylvania rippled through financial markets, including the digital currency sector. The failed assassination attempt on the Republican candidate, which could theoretically boost his chances of victory, brought a wave of optimism among investors. This sentiment positively impacted cryptocurrencies, as evidenced by the gains in Bitcoin and Ethereum. Since the beginning of June, Bitcoin has faced significant headwinds. These include the liquidation of assets from the collapsed Mt. Gox exchange, a broader sell-off by digital miners, and the German government. Despite these pressures, Bitcoin's price found support just above the demand zone around $53,000 per coin, halting the downward trend. From a technical perspective, this stabilization indicates that the supply side has eased, suggesting that Bitcoin may be nearing the end of its correction phase. Investors are watching closely to see if this marks the beginning of a more sustained recovery. Buyers have pushed above $60,000, and now they will will face resistance at the local supply zone of around $63,000 per coin. If the bulls break through this level, the uptrend could resume, targeting the recent historical highs. There's a new entry in the top 10 cryptocurrencies. TON/USD, with a market capitalization of $18.38 billion, has surged to the 8th spot. This rise is fueled by its close ties to the popular messaging app Telegram, where TON has the potential to become the dominant payment method. TON (The Open Network (LON:NETW)), a cryptocurrency created in 2018, has gained significant popularity this year through its integration with the Telegram platform, where it originated. The entry of major investor Panther Capital has also fueled its growth. TON's potential lies primarily in Telegram's vast user base, which boasts 900 million active users. The project, managed by the TON Foundation, a group of non-commercial supporters, offers several advantages. The micropayment system allows users to pay for various applications or games available on Telegram. Additionally, users can create their own applications through smart blockchain contracts. TON is increasingly challenging Ethereum, as both cryptocurrencies utilize the Proof of Stake protocol. TON's annual transactions have already surpassed Ethereum's, with 568,300 compared to Ethereum's 351,400. Given Telegram's extensive user base, this gap is likely to grow. However, TON faces challenges, such as incompatibility with the EVM development environment and limited market expansion in the US and China due to local competition. Currently, TON's value continues its upward trend. A break past the local supply zone at $7.70 per coin could lead to new highs. *** Are you tired of watching the big players rake in profits while you're left on the sidelines? InvestingPro's revolutionary AI tool, ProPicks, puts the power of Wall Street's secret weapon - AI-powered stock selection - at YOUR fingertips! Don't miss this limited-time offer. Subscribe to InvestingPro today and take your investing game to the next level!