Bitcoin close to all-time high: China's influence and US election risks

China's influence

Despite global tensions, China remains a key player in the financial market. Growing trade relations between China, Asia and the Middle East are opening up new opportunities for banks and having a positive impact on the Bitcoin price. Ole Matthiessen from Deutsche Bank emphasises the increasing activity of Chinese clients in the Middle East.

Risks of the US election

The US presidential election on 5 November brings uncertainty for investors. A close result could lead to legal disputes. Bruno Sousa from Hashdex explains that a victory for Donald Trump could boost the crypto market more than a victory for Kamala Harris. In addition, new exchange-traded Bitcoin funds are making access easier for investors.

Conclusion

Investors should keep a close eye on China's influence and the US elections, as both are crucial for the future development of the Bitcoin price.

© Micheile Henderson

Bitcoin rose above USD 70,000 for the first time since June and is now only three per cent below its record high of USD 73,750. Experts expect this mark to be exceeded soon, driven by two main factors.Photo from Worldspectrum: https://www.pexels.com/de-de/foto/nahaufnahme-fotografie-der-munze-auf-schachbrett-1099298/

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