- Bitcoin surged to a three-month excessive as “Trump trades” gained momentum forward of the U.S. election.
- Donald Trump leads in Polymarket information, seen as favorable for the cryptocurrency market.
Amid fluctuating Asian markets, the place shares rose and fell, the cryptocurrency panorama confirmed notable resilience.
Bitcoin [BTC] surged to a three-month excessive, reflecting a big uptick in buying and selling exercise because the so-called “Trump trades” gained momentum.
Early trading on the twenty first of October noticed BTC attain $68,496.98, marking a greater than 6% improve over the previous week and over 8% within the final month.
This occurred whereas buyers positioned themselves forward of the U.S. presidential election simply two weeks away.
Trump’s rising odds and its impression on the crypto market
Polymarket information exhibits Donald Trump main with 61.1% of projected votes, whereas Kamala Harris trails at 38.8%.
Therefore, with no main financial occasions this week, markets had been centered on company earnings and election dangers.
Thus, it appears clear that Bitcoin has gained as Trump’s prospects rise, along with his administration seen as extra lenient on cryptocurrency regulation.
His insurance policies on tariffs, taxes, and immigration are seen as inflationary, doubtlessly boosting the greenback and benefiting the crypto market.
Execs weigh in
Remarking on the identical, Chris Weston, head of analysis at Australian dealer Pepperstone, highlighted that buyers would possibly encounter rising bills when hedging towards greenback volatility and different portfolio-related dangers.
Weston stated,
“With simply 15 days to go till the U.S. election, merchants have to determine if now could be the correct time to begin putting election trades with higher conviction.”
Including to the fray was Brad Bechtel, world head of FX at Jefferies, who added that rising actual rates of interest had been offering assist to the greenback, particularly towards three key currencies.
“We count on this pattern to proceed straight into the election and if Trump wins, possible effectively after the election as effectively.”
Is Trump more likely to win?
In actual fact, in a latest submit on X, Alex Thorn, Head of Firmwide Analysis at Galaxy Digital, unveiled a coverage scorecard assessing the cryptocurrency stances of presidential candidates Kamala Harris and Donald Trump.
He stated,
“Draw back danger of a Harris victory as restricted, with explosive upside attainable within the case of a Trump victory.”
As anticipated, an in depth examination of the scorecard revealed that among the many 9 core factors assessed, Donald Trump outperformed Kamala Harris in seven areas.
Due to this fact, with just a few days remaining till the U.S. presidential election, it will likely be intriguing to look at how the crypto market responds each throughout and after the election.