Uncertainty and geopolitical problems – gold and silver rise, Biticoin chases ATH

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Last Updated on 22 October 2024 by CryptoTips.eu

Two more weeks until the new American president will be elected. As current President Joe Biden is no longer running for office, American voters have the choice between Donald Trump and Kamala Harris. The uncertainty about who will win means good news for the classic safe havens such as gold and silver, which are being traded for new record prices. Bitcoin is also getting close to its ATH.

Analysts claim a Trump victory would put Bitcoin on track to hit $100k.

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Geopolitics

The uncertainty about who will be the next American president is about the biggest catalyst for the price growth of classic ‘safe havens’.

However, the war in the Middle East, the sputtering Chinese economy and the impending recession in Germany (still the largest country in the Eurozone) are also playing tricks on investors.

Classic media such as the FT and the Wall Street Journal claim that investors are still trying to make a quick profit before the American election takes a final turn.

Uptober

Meanwhile Bitcoin seems to have finally started its ‘uptober’. The month of October is normally characterized by a rise in the Bitcoin price and we are now indeed seeing a nice profit when compared to the beginning of the month where the largest digital coin was trading for $60k.

Analysts expect a further increase until the November 5 elections with a difficult cliff around the $70k price point.

As a reminder, during the month of April, Bitcoin attempted several times to break $70k only to be held back each time by the large number of sellers who had placed automatic sell orders.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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