Bitcoin Nears $60K as Crypto Election News Heats Up

Finally, Bitcoin (BTC) is approaching the $60,000 level once more after spending almost all of September below that important mark. In the early hours of Tuesday, the coin is going bullish.

Bitcoin is currently priced at $59,212 (BTC/USD) and is up 0.99% for the day. It has almost regained its losses for September, down just 1.30% overall for the month at this point. It is estimated that the coin will make that up by the end of the day.

Bitcoin’s Election Push

Bitcoin and the larger cryptocurrency market are enjoying a boost from the election cycle for now. There has been much talk of crypto as an important election consideration over the past few months, with the Republican candidate Donald Trump especially talking up his personal commitment to making cryptocurrency more viable, valuable, and protected.

On Monday, Trump was part of a livestream announcement for his proposed World Liberty Financial project which would make cryptocurrency more accessible to more people and serve as an alternative banking option, particularly to those who have been left behind by the current banking system.

Bitcoin may be doing well today in large part because of that announcement. Currently, only 40% of Americans own crypto, which is up by 10% from the year before. But if Trump can win the election and make crypto more mainstream and more accessible, then we could see those numbers shoot up.

The Downward Pull

Even if this crypto news helps Bitcoin for a while, we do not expect the bullish trend to last long. The Federal Reserve will be announcing the extent of its interest rate cuts on Wednesday, which could be detrimental to the crypto market. If the cuts are deep, then Bitcoin could take quite a tumble, but new calculations from BlackRock Institute say that the cuts will not be as deep as anticipated.

Investors should be careful about a quick turnaround from Bitcoin, creating pricing whiplash over the next day or so. This may not be the best time to put down a hefty investment in the asset.