- 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 major uptick in buying and selling exercise because the so-called “Trump trades” gained momentum.
Early buying and selling on the twenty first of October noticed BTC attain $68,496.98, marking a greater than 6% enhance 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 affect 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, along with his administration seen as extra lenient on cryptocurrency regulation.
His insurance policies on tariffs, taxes, and immigration are considered 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 traders may encounter rising bills when hedging towards greenback volatility and different portfolio-related dangers.
Weston stated,
“With just 15 days to go until the U.S. election, traders need to decide if now is the right time to start placing election trades with greater 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 towards three key currencies.
“We expect this trend to continue straight into the election and if Trump wins, likely well after the election as well.”
Is Trump prone to win?
In actual fact, in a latest 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,
“Downside risk of a Harris victory as limited, with explosive upside possible in 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 just a few days remaining till the U.S. presidential election, it will likely be intriguing to watch how the crypto market responds each throughout and after the election.
