Bitcoin surges to $72,000 ahead of the U.S. elections

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.

US-election

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.

US-election

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.

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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.

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