Crypto Week Ahead: Bitcoin Rides Pro-Trump US Presidential Election Developments To Climb Above $64,000

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $64,413.85.

BTC dominance, at the time of writing, stood at 56.74 percent.

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Bitcoin (BTC) is riding the optimism around Donald Trump’s increasing chances of winning the US Presidential elections in November to bounce back from lows over the past few days. Late last week, BTC touched a low of around $58,000 but then managed to bounce back to $64,000 at the time of writing. For now, investors appear to be keeping a wary eye on pro-Trump developments around the US elections. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls. 

Crypto Prices Over The Past Week

Over the past seven days, Bitcoin achieved a high of $64,413.85 (on October 7) and a low of $58.930.42 (October 10).

Ethereum, on the other hand, saw a high of $2,542.13 (October 14) and a low of $2,335.44 (October 10).

DeFi's total volume stands at $3.45 billion, at 6.10 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $50.37 billion, at 89.18 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 45 points (out of 100).

BTC dominance, at the time of writing, stood at 56.74 percent.

Crypto Events To Note

A new HBO documentary exploring Bitcoin's origins has sparked speculation that Peter Todd, a Canadian software developer, could be the mysterious creator of the cryptocurrency, known by the pseudonym Satoshi Nakamoto.

Titled Money Electric: The Bitcoin Mystery, the 100-minute film, released Tuesday, includes interviews with several early Bitcoin figures. Among those featured is Adam Back, often linked to the Nakamoto identity, Bitcoin investor Roger Ver, marketer Samson Mow, and Peter Todd himself.

Filmmaker Cullen Hoback presents circumstantial evidence, including old posts from a Bitcoin forum, suggesting Todd's possible role as Bitcoin's creator. However, Todd dismissed the theory, calling it "ludicrous."

Furthermore, a man from the UK is taking legal action against Newport City Council in a bid to retrieve a hard drive he accidentally discarded in 2013, which contains 7,500 bitcoins now valued at close to $500 million. 

James Howells has been locked in a 10-year battle to gain permission to dig up a landfill where he believes the device was dumped. However, the council has consistently refused his requests, citing environmental risks. Howells remains confident that the data on the hard drive can still be recovered.

Lastly, Ripple’s CEO has ramped up his critique of the US Securities and Exchange Commission (SEC), accusing the regulator of disregarding a court decision that determined XRP is not a security. He also alleged the SEC is exceeding its legal jurisdiction. 

This comes in the wake of a lawsuit from Bitnomial Exchange, which challenges the SEC’s authority over XRP futures. The lawsuit is the latest in a series of clashes between cryptocurrency companies and the SEC over what many see as the agency’s overreach in regulating the industry.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "The next few weeks are pivotal for the crypto market as attention shifts to the upcoming US election. The sudden increase in Donald Trump’s chances to win the presidential election on Polymarket has boosted the sentiment in the crypto community, pushing Bitcoin’s price to around $62,500. Investors are now in a "wait-and-watch" mode, anticipating a potential rally post-election, with hopes that BTC could surge to the $70,000 mark.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.