Crypto Becomes Political: Bitcoin Rallies to $69,450 as U.S. Election Looms
On Monday morning in Asia, Bitcoin continued to rise near the $70,000 threshold as investors keep a careful eye on the U.S. presidential election, which is now only two weeks away. According to The Block’s Bitcoin price page, the biggest cryptocurrency in the world peaked at over $69,450 early on Monday morning in Asia before falling to $68,768 at 11:30 a.m. in Hong Kong. In March of this year, the token hit an all-time high of more than $73,700.
With less than three weeks until election day, we expect the market’s focus on this critical market event to increase further from here on. For the first time, crypto has become a mainstream political issue, engaging a broader audience.
David Lawant, Head of Research at FalconX
Trump’s Potential U.S. Election Win Drives Bitcoin Price Surge, Analysts Say
The growing likelihood that former President Donald Trump will win the U.S. election is driving up the price of Bitcoin, according to Min Jung, an analyst at Presto Research, who is keeping a careful eye on the situation. Trump’s attitude toward the cryptocurrency industry has remained mostly supportive. Trump has stated his support for several Web3 industries, including decentralized finance, bitcoin mining, and non-fungible tokens, even though opponent Kamala Harris has also just declared support for crypto legislation.
Trump leads Harris by 21%, according to the Ethereum-based prediction market tool Polymarket, which also gives him a 60% chance of winning. According to FiveThirtyEight’s total of traditional surveys, Harris has 48.2% of the vote, 1.8% more than Trump.
With the focus on the US election results being front and center, the most positive outcome for crypto would be a Trump win along with a Republican sweep of House and Senate, allowing the Trump-Vance endorsed digital asset reform plans to have a realistic chance of passing through congress,
Augustine Fan, head of insights at SOFA.org.
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