Bloomberg: BTC dips amid skepticism over pro-crypto Trump's win in election race

Bitcoin missed out on a cross-asset rally sparked by dovish Fed comments, as there is increasing skepticism over whether Donald Trump will get the opportunity to carry out his pro-crypto agenda amid the tightening U.S. presidential election race, Bloomberg reported. BTC dipped 2.4% on July 31, lagging behind a Fed-driven surge in an index of the Magnificent Seven technology megacap stocks by one of the biggest margins in 2024. Then, the flagship crypto asset slid below $64,000 on Aug.1 in Asia. Since Trump promised to build the U.S. “crypto capital of the planet and the Bitcoin superpower,” BTC prices have been acting as a sort of barometer for the likelihood of a Trump victory. Currently, Vice President Kamala Harris has erased Trump's lead across seven states, with enthusiastic support from young, black and Hispanic voters. Moreover, Harris is also now a better bet than Trump on the online political prediction market PredictIt. At the time of writing, BTC is trading at $64,246.16, down 3.20% over the last 24 hours, according to CoinMarketCap.