Bitcoin has experienced an impressive breakout in recent days, surpassing the $71,000 mark for the first time since June 2024. Specifically, on the morning of October 29, the price of Bitcoin reached $71,415 at 7:57 AM (local time in New York). By October 30, the largest cryptocurrency continued its strong growth, exceeding $72,000. This surge is primarily driven by substantial capital inflows into Bitcoin exchange-traded funds (ETFs) and high expectations surrounding the upcoming U.S. presidential election on November 5.
Many investors are referring to Bitcoin as a “Trump trade,” linked to Republican presidential candidate Donald Trump, who has publicly supported cryptocurrencies during his campaign. Trump is leading in prediction markets; however, polls indicate a close and unpredictable race against Democratic candidate Kamala Harris.
Tony Sycamore, a market analyst at IG Australia Pty, believes that the rise in Bitcoin’s price reflects market expectations of Trump’s victory in the upcoming election. He notes that Bitcoin needs a sustained breakthrough above $70,000 to confidently aim for breaking its record of $73,798 achieved in March 2024. If this scenario unfolds, Bitcoin could open up new opportunities for investors.
A notable factor is Trump’s commitment to making the U.S. the “crypto capital of the planet” if he is re-elected. According to a Bloomberg report, Trump has promised to promote cryptocurrency development and create a favorable regulatory environment for the industry. Meanwhile, opponent Harris has taken a more cautious approach, pledging to establish a regulatory framework for the cryptocurrency sector to ensure sustainable growth.
In contrast to Trump and Harris’s views is the policy of incumbent President Joe Biden, who has never shown clear support for cryptocurrencies. This has created a distinct polarization in perspectives on cryptocurrencies within U.S. politics, which could significantly impact the cryptocurrency market in the near future.
In addition to political factors, Bitcoin’s price increase is also supported by strong inflows into spot Bitcoin ETFs in the U.S., with approximately $3.6 billion invested in October 2024 alone. This not only indicates investor interest in Bitcoin but also reflects confidence in its future.
Currently, many investors are optimistic that Bitcoin could reach $80,000 by the end of November 2024, regardless of the presidential election outcome. As of now, Bitcoin’s value has risen 69% since the beginning of the year, indicating a positive trend and strong recovery in the cryptocurrency market.
The combination of political factors, economic conditions, and the development of ETFs could create a favorable scenario for Bitcoin in the near future. Investors are closely monitoring this situation, hoping that this breakout will continue and provide further profit opportunities for the cryptocurrency market.
RELATED POSTS
Starknet: A Layer-2 scaling solution for Ethereum
Starknet is rapidly gaining traction...
Fishwar Airdrop – Play to Earn on the Sei Blockchain
Fishwar Airdrop, a prominent project...
Optimistic Airdrop – Detailed Guide on How to Acquire OP Tokens
This guide provides detailed steps...
What is Tokenized Real Estate? – Unlocking Global Investment Opportunities
What Is Tokenized Real Estate?...
Naoris Protocol Airdrop: Get free NAORIS Tokens
Naoris Protocol is an advanced...
The dApp Meaning – The Digital Revolution
Curious about “The dApp Meaning“?...
Treasure DAO to Sunset Its Layer-2 Blockchain Treasure Chain by May 30, 2025 Amid Strategic Refocus
May 6, 2025 – In...
Understanding the Stock to Flow Model – How to Optimize Investment
The Stock to Flow Model...
Join the NODEPAY Airdrop today – Easy to Earn Points
Looking to explore the world...
Security Testing Providers for Blockchains: Who’s Guarding Your Digital Gold?
The Critical Role of Blockchain...
Blockchain and AI Hub complex in Hanoi – SSI Digital Ventures Commits to Supporting 200 Million USD
SSI Digital Ventures has launched...
Comedian Airdrop – Token BAN Leads the Memecoin Trend
In the world of memecoins,...
What is Make Frens Airdrop? How to participate
Make Frens Airdrop is an...
What is Consensus? Consensus Mechanisms in Blockchain
In the world of cryptocurrency,...
Stuart Alderoty: His role at Ripple
Discover Stuart Alderoty, Chief Legal...
What is ZetaChain? The Omnichain Blockchain platform
What is ZetaChain? Discover the...