Bitcoin’s price rose amid increasing chances of Donald Trump winning the presidential race in the US and dovish messages from Federal Reserve (Fed) Chairman Jerome Powell.

The selling pressure that has persisted in the crypto asset markets for some time seems to have weakened with the news flow continuing since the weekend.

The increased likelihood of Trump winning the presidency, given his previous positive statements about the crypto asset markets, has supported risk appetite. Additionally, market pricing in two rate cuts by the Fed this year has also influenced the upward movement in crypto asset markets.

According to data from the analysis company Coinmarketcap, the value of the global crypto asset market, including Bitcoin, has risen back above $2 trillion. The price of Bitcoin, the largest crypto asset, rose in the last 24 hours amid hopes of easing regulations on the crypto market in the US.

UP 10% IN ONE WEEK

Currently trading at $63,000, Bitcoin has seen a 10% increase in value since Friday. Analysts noted that profit-taking played a role in the recent decline.

The price of Ethereum, the second-largest crypto asset by market value, remained below $3,400. As of today, Ethereum was trading at $3,390.

Analysts stated that both the approaching approval of new investment instruments in the US and the increased likelihood of Trump managing the White House after the presidential elections in early November were viewed positively in the crypto market.

Analysts noted that investors are currently expecting Republican candidate Donald Trump to return to power. Since Trump has recently positioned himself as crypto-friendly, the sector is especially hopeful for less restrictive regulations in the future.

Analysts also pointed out that the reduced uncertainty surrounding the US election campaign has increased demand for crypto assets, with investors seeing Bitcoin as a safe haven to park liquidity.

Note: This is not investment advice