Bitcoin experienced a slight recovery after a 4% decrease in the U.S. on Thursday, trading above $61,000 on Friday. This came after a U.S. CPI report revealed higher-than-expected inflation in September, potentially impacting the Federal Reserve’s interest rate decisions. The broader digital asset market also showed gains, with XRP and DOGE leading the way.
In other news, there has been a surge in predictions for Donald Trump’s return to the White House, with prediction markets giving him a higher chance compared to Vice President Kamala Harris. This comes as the former president’s odds reach a two-month high on Polymarket.
Crypto exchange Bitnomial has filed a lawsuit against the SEC, arguing that the regulator overstepped its jurisdiction in trying to regulate a proposed XRP futures contract alongside the CFTC. Bitnomial believes that the futures fall solely under the CFTC’s jurisdiction and that the SEC’s involvement would increase regulatory burdens.
Analyzing bitcoin’s price performance after past U.S. presidential elections, data shows an average gain of over 4,000% in 400 days post-election. This trend has been attributed to the alignment of election events with Bitcoin Halving events and U.S. business cycle troughs.
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Overall, the cryptocurrency market continues to show resilience and potential for growth, with bitcoin leading the way in price performance and market trends. Stay informed and updated on the latest news to make informed decisions in the ever-changing world of cryptocurrencies.