Oct 17 2024: Bitcoin’s price climbed on Thursday, nearing a three-month high as speculation over a potential second Trump presidency, favorable regulations, and improved capital inflows fueled the cryptocurrency market throughout the week.
By 01:05 ET (05:05 GMT), Bitcoin had risen 0.5% to $67,328.4, after briefly surpassing the $68,000 mark earlier in the week. This marked a breakout from the $50,000 to $65,000 range that Bitcoin had traded within for much of the year.
Cryptocurrency markets also gained momentum on hopes for a better regulatory environment in the U.S., following Vice President Kamala Harris’ pledge to establish a regulatory framework for the industry.
Bitcoin was additionally bolstered by news that the now-defunct Mt. Gox crypto exchange delayed its repayment of stolen tokens to creditors.
Bitcoin Rallies Amid Trump Election Speculation
Recent Bitcoin gains were driven by increasing speculation that Donald Trump could win a second term in office. This was reflected in online betting platforms like Polymarket, where Trump’s odds were at 58.4%, compared to Harris’ 41.3%.
While some media polls show Harris holding a slight lead, the race is expected to remain close in the three weeks leading up to the election. Trump has taken a pro-crypto stance, even accepting campaign donations in cryptocurrency and promising that the future of Bitcoin will be “built in America.”
In contrast, Harris has only recently discussed crypto, vowing to create a regulatory framework for the industry.
Strong Dollar and Interest Rate Cuts in Focus
Despite recent gains, Bitcoin’s rise was tempered by a stronger U.S. dollar, which gained strength on speculation surrounding a potential Trump win and traders anticipating a slower pace of interest rate cuts from the Federal Reserve.
Upcoming U.S. retail sales and industrial production data, expected later on Thursday, may provide further insights into the market’s direction. Rate cuts from major central banks, including an anticipated reduction by the European Central Bank, also remain in focus.
Crypto Prices Today: Altcoins Edge Higher
Broader cryptocurrency prices mirrored Bitcoin’s rise. Ethereum increased 0.5% to $2,631.21, while XRP jumped 3.5%. Meanwhile, ADA and SOL saw slight declines, and MATIC remained steady. Among meme coins, DOGE surged 5.4%.
