Oct 21 2024: Bitcoin’s price surged on Monday, briefly reaching a three-month high of $69,000 as speculation grew around Donald Trump’s chances in the 2024 U.S. elections. The cryptocurrency neared its all-time high, driven by rising market sentiment, though the presidential race remains highly competitive according to analysts.
By 00:56 ET (04:56 GMT), Bitcoin gained 1.1%, trading at $69,007.1—about $5,000 short of its record high. A break above $70,000 would serve as a significant bullish indicator for the token.
Trump-Related Speculation Fuels Bitcoin’s Rally
Increased odds of a Trump victory, particularly over Democratic nominee Kamala Harris, boosted Bitcoin’s rise. The crypto prediction market Polymarket now shows a 60.7% chance of Trump winning versus a 39.1% chance for Harris.
Trump’s campaign has embraced a pro-crypto platform, vowing to promote Bitcoin’s future in the U.S. His campaign also accepts cryptocurrency donations, which has further supported the token’s bullish trend. Traders are betting that a Trump win could lead to more favorable crypto regulations, a hot topic in recent years due to numerous high-profile lawsuits involving the Securities and Exchange Commission and the Department of Justice.
Harris, too, has proposed a regulatory framework for crypto, though specific details of her plans remain unclear.
With just over two weeks until the election, financial markets are bracing for a tight race, pushing some investors toward safer assets like the U.S. dollar and gold, the latter reaching a record high on Monday. Institutional investors also showed renewed interest in cryptocurrencies, as recent capital flow data indicated a surge in crypto buying over the past week.
Altcoin Market Rises Alongside Bitcoin
The broader cryptocurrency market also rallied in tandem with Bitcoin, as sentiment around the sector improved.
Ether, the world’s second-largest cryptocurrency, jumped 3.8% to $2,740.14, marking a near two-month high. Other altcoins like SOL and ADA saw gains exceeding 6%, while XRP and MATIC rose by nearly 4% each. Among meme tokens, DOGE climbed by 4.6%.
