Bitcoin Hits Three-Month High as US Election Looms
Bitcoin’s value has been rising steadily since September, driven by central banks’ monetary policies and the anticipation of the upcoming US presidential election, dubbed the “Trump trade.”
Over the past week, Bitcoin has surged by 9% and has climbed 31% since its low in September. The cryptocurrency briefly topped $69,000 before retracing to around $67,000 on Monday, marking its highest level since July 31st.
Currently, Bitcoin is just 8% shy of its all-time high of $73,000 achieved in March, buoyed by optimism over a potential spot Bitcoin ETF approval and the highly anticipated Bitcoin halving event in April.
The “Trump Trade”
The recent surge in Bitcoin’s value is largely linked to the “Trump trade,” a market phenomenon speculating on a favorable outcome for Donald Trump in the US presidential election on November 5th.
Trump has voiced strong support for cryptocurrencies, with promises to make the US a global hub for digital assets and to replace SEC Chair Gary Gensler with a more crypto-friendly figure if re-elected.
Bloomberg data shows that US spot Bitcoin ETFs saw a net inflow of nearly $2.4 billion in the six days leading up to October 18th. Investors are betting on more favorable crypto regulations under a potential Trump administration compared to those expected under Kamala Harris.
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Market Speculation and Future Trends
Polls suggest a close race between the candidates, but betting markets are currently tilting in favor of Trump. This has influenced asset trends, with many expecting Bitcoin to benefit from his policy proposals.
Some analysts predict that Bitcoin could rise to $100,000 under the right conditions. However, concerns linger about Trump’s trade policies, which could reignite inflation and potentially hurt the cryptocurrency market.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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