While Trump’s enthusiasm for digital assets has been well-publicised (and in the 2020 US presidential campaign, he reignited interest in Bitcoin), it is also clear that the ‘Trump trade’ is now stalling and, on 1 November, Bitcoin was seen to go into a rapid free-fall, dropping below $70,000 – a crash that saw around $250 million in long positions liquidated in 24 hours.
Despite polls showing that the race was close and that Trump’s Democratic adversary, Kamala Harris, was leading him, Trump’s relatively higher odds in the betting tapes led to a spike in the so-called ‘Trump trade’; such as Trump’s promise to make the US the ‘crypto capital of the world’ had led to earlier Bitcoin price movements. But with the sag in the ‘Trump trade’ since then, Bitcoin had not been able to sustain its lofty peak, and by evening on 2 November it slipped to $68,385.51 in a slight recovery from its last 24-hour 0.52 per cent dip.
Source: 自由時報電子報
