Bitcoin Rebound Slightly on U.S. Presidential Expectations

Trump "Will Abolish Federal Income Tax By Rising Rariffs"
BTC Succeeds in Rebounding On Support Rate for Trump
Altcoin Remained Weak Despite of BTC Rise on Oct. 28
Experts "BTC Eventually Rises on Investor Interest Risen"

As the U.S. presidential election approached, Bitcoin (BTC) rebounded slightly on Oct. 28, 2024 by the impact and expectations of the U.S. presidential election results on cryptocurrencies.

In particular, former President Trump, a pro-cryptocurrency candidate, once again emphasized his pledge to abolish the income tax system, making the cryptocurrency market happy. Currently, the U.S. Internal Revenue Service(IRS) levies up to 37% of cryptocurrency cases.

Bitcoin began to react as former President Trump's approval rating was still ahead in the competition with Vice President Harris.

Despite Bitcoin's slight rebound, altcoins continued to remain weak. With the lack of special good news to lift altcoins, funds began to flock to bitcoin. Bitcoin Dominance recorded about 59.55% on the 28th.

◇Bitcoin = Bitcoin price is $68,521 at 4:30 p.m. on Oct. 25, 2024. The Bitcoin share (dominance) was 59.55%.

As Bitcoin rebounded after a decline that began last week, the outlook of experts surrounding Bitcoin turned optimistic.

CoinTelegraph, a cryptocurrency media outlet, said, "The funds flowed in even when Bitcoin prices fell. This means that institutional investors still have expectations for a bull market."

"Bitcoin attracts investors' attention in that it can replace the dollar," cryptocurrency service provider Matrixport said. "Bitcoin is up 59% this year, surpassing the bond exchange-traded fund (ETF) or S&P 500."

"This shows that Bitcoin's value is recognized among institutional investors," he said, adding, "The macro environment, such as uncertainty in the global economy, a surge in government debt, and rising inflation, is stimulating demand for Bitcoin."

◇ Upward Coin = The cryptocurrency that recorded the largest increase from the previous trading day at 4:30 p.m. on Oct. 28 was Solar(SXP), up about 22%.

Solar(SXP) is a rebranded coin from a coin called Swipe. Solar is a multi-asset digital wallet based on blockchain that is designed to allow users to safely store their assets. Solar Wallet was created to use SXP for all functions, including withdrawal.

Users can buy, sell, and pay legal currency through cryptocurrency held by an application in the wallet, and can purchase gift cards or exchange them for cryptocurrency supported on the platform.

◇Fear Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered 'Greed' phase with 72 points. The Greed phase is a phase where price volatility and trading volume increase, and the price increases. As it is highly likely to form a short-term high, caution should be taken in.

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