- Bitcoin surged to a three-month excessive as “Trump trades” gained momentum forward of the U.S. election.
- Donald Trump leads in Polymarket knowledge, considered 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 traders 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 knowledge 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 have been targeted on company earnings and election dangers.
Supply: Polymarket
Thus, it appears clear that Bitcoin has gained as Trump’s prospects rise, together with his administration seen as extra lenient on cryptocurrency regulation.
His insurance policies on tariffs, taxes, and immigration are considered as inflationary, probably 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 traders may encounter rising bills when hedging in opposition to greenback volatility and different portfolio-related dangers.
Weston stated,
“With simply 15 days to go till the U.S. election, merchants must determine if now’s the correct time to start out inserting election trades with larger conviction.”
Including to the fray was Brad Bechtel, world head of FX at Jefferies, who added that growing actual rates of interest have been offering help to the greenback, particularly in opposition to three key currencies.
“We anticipate this pattern to proceed straight into the election and if Trump wins, probably nicely after the election as nicely.”
Is Trump more likely to win?
The truth is, in a current publish 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 threat of a Harris victory as restricted, with explosive upside potential 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.
Supply: Alex Thorn/X
Due to this fact, with only some days remaining till the U.S. presidential election, it is going to be intriguing to look at how the crypto market responds each throughout and after the election.
