The price of Bitcoin started strong this week, almost reaching a new high above $68,000 per coin. This comes after Bitcoin outperformed technology stocks last Friday. While the stock market, especially tech stocks, took a beating on Friday, Bitcoin stayed above $67,000. Investors held onto Bitcoin over the weekend and the price remained steady around $68,000 at the start of trading this week.
Positive political developments in the US are seen as helping Bitcoin prices. Former president Trump's chances of winning re-election seem to be improving after surviving an assassination attempt and getting support from Elon Musk. Trump's focus on favorable crypto regulations is making investors bullish on Bitcoin. However, President Biden's withdrawal from the race adds some uncertainty to the future.
There's also excitement building around the launch of the first exchange-traded funds (ETFs) that directly hold Ethereum, the second most valuable cryptocurrency. The price of Ethereum has gone up about 2% in the past week. Analysts predict these new Ethereum ETFs could see over $5 billion invested on the first day of trading, but also warn of potential price swings.
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