"What's driving price action is undoubtedly the election," Nic Puckrin, CEO and co-founder at crypto education site Coin Bureau, said of the November outlook.
BTC.CM= YTD mountain Bitcoin YTD Republican nominee former President Donald Trump has courted the crypto industry this year, presenting himself as the pro-crypto candidate .
October and November are historically strong months for bitcoin, finishing higher in seven of the past 11 Novembers.
"Volatility has decreased for both gold and bitcoin as traders look forward to the [election] results, although both assets have benefited from positive underlying fundamentals incrementally driving the price up."
"The main danger we foresee would be temporary angst around election results affecting sentiment and holding back further development of the ecosystem," Chung added.
Persons:
Bitcoin, cryptocurrency, Kamala Harris –, Nic Puckrin, Trump, bitcoin, Donald Trump, Harris, Devin Ryan, there's, Needham's John Todaro, Chris Chung, Chung, Michael Bloom
Organizations:
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Locations:
Washington, U.S