Bitcoin holds steady at $70,000, awaiting election results for movement

Bitcoin (BTC0.00%) remains just shy of its all-time high, potentially biding its time for the election results. Speculation about who will become the 47th president of the United States—Donald Trump or Kamala Harris—has created an atmosphere of fear, uncertainty, and doubt within the crypto community. A lot of polls indicate a close race between the two candidates.

Earlier this week, the leading cryptocurrency peaked at $73,562, just below 1% of its record high of $73,737, which it reached in March. However, since then, Bitcoin has slipped, falling to the $70,000 mark. Currently, Bitcoin’s price appears largely stagnant, as it seems to await the election results with bated breath.

Many are already speculating on how Bitcoin might respond to a potential victory by either Trump or Harris. Debates are emerging over which outcome would be more favorable for the cryptocurrency in the long run.

What will happen to Bitcoin if Trump wins versus Harris?

There’s little doubt that Bitcoin will soar if Trump wins. The former President positioned himself as a “crypto candidate,” actively embracing digital assets as part of his campaign. He even started accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether (ETH+0.84%), Dogecoin, and Solana (SOL+2.88%), among others.

Of course, not all crypto enthusiasts are Trump supporters, but many welcome his recent pro-crypto stance. For instance, at a Bitcoin conference, Trump promised to fire SEC Chair Gary Gensler on his first day in office — a move that resonates strongly with crypto advocates, as Gensler’s policies have often been unpopular in the cryptosphere. Trump further promised to establish a national Bitcoin reserve, an ambitious goal that has captivated many in the crypto community.

On the other hand, Vice President Harris, who had previously been cautious about discussing cryptocurrencies, recently began to address the topic more openly. She has called for stronger regulatory oversight of the crypto market, emphasizing the need for clear rules to ensure consumer protection and financial stability.

Given Kamala Harris’s late and lukewarm response to Bitcoin, many anticipate an immediate dip in leading cryptocurrency’s price if she wins, followed by a possible rebound later.

Other major cryptocurrencies are also flat

Bitcoin’s reluctance is affecting the entire crypto market, leaving major cryptocurrencies seeming hesitant to make significant moves in either direction. Ether (ETH), the second-largest cryptocurrency by market capitalization, is currently trading at $2,500, reflecting a slight dip of 0.6% over the past 24 hours. Additionally, popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIBA), known for their volatility, remained stable on Friday, with minor declines of 0.7% and 1%, respectively.