Bitcoin Peaks at $69,450 with U.S. Presidential Election Set to Shake Crypto Markets
Bitcoin surged early Monday morning in Asia, nearing the critical $70,000 mark. This price movement indicates growing interest among investors, especially with a significant event on the horizon- the U.S. presidential election.
With the election just two weeks away, investors are closely mourning the market, as many believe the outcome could significantly impact crypto prices.
Bitcoin Approaches $70,000 Milestone
Bitcoin hit a high of $69,450 in the Asian market. This surge marked the cryptocurrency’s continued toward $70,000, a critical psychological level. Investors reacted positively as they focused on the upcoming U.S. presidential election.
Min Jung, an analyst at Presto Research, explained, “If Trump’s dominance continues and the Fed signals a more dovish stance, we could see renewed momentum for Bitcoin.”
Notably, Bitcoin reached an all-time high of $73,700 in March this year, and market participants expect a retest of this level soon. Over the past week, BTC has sustained its 5.75% rally, according to CoinMarketCap. Moreover, its 24-hour trading volume of $25.5 billion is up more than 76%.
The momentum in Bitcoin’s price reflects growing attention on the U.S. election, which has become a critical factor for crypto investors.
David Lawant, head of research at FalconX, added, “For the first time, crypto has become a mainstream political issue, engaging a broader audience.”
In addition, the analyst believes we could experience more activities within the crypto market after the election.
Trump’s Rising Odds Drive Market Optimism
The increasing chances of Donald Trump winning the U.S. presidential election play a key role in Bitcoin’s price movement. Analyst Jung believes Trump’s firm stance on the crypto sector is boosting investor confidence.
Trump has consistently supported Web3, non-fungible tokens (NFTs), decentralized finance (DeFi), and Bitcoin mining. This has made his potential victory appealing to crypto traders.
Trump’s odds of winning are improving on platforms like Polymarket, which shows him leading Kamala Harris by 21%. His winning odds are around 60%, while traditional polls suggest Harris is slightly ahead.
However, the gap between the two candidates has been shrinking. On FiveThirtyEight’s national polls, Harris leads Trump by only 1.8%, down from 3.1% earlier in September.
Crypto experts see Trump’s victory as beneficial for the market. Augustine Fan, head of insights at SOFA.org, commented, “A Trump win and a Republican sweep could push forward digital asset reform plans.”
“The most favorable outcome for crypto would be a Trump win & Republican control of Congress,” said Augustine Fan, https://t.co/MQMfOBK3Fe’s Head of Insights.
Read more @TheBlock__ https://t.co/A1ayXYxfD0
— SOFA.org (@SOFAorgDAO) October 21, 2024
Market Eyes Fed Meeting Following Election
Another major event for crypto traders is the U.S. Federal Open Market Committee (FOMC) meeting, which is scheduled after the election. The CME Group’s FedWatch Tool shows a 94.4% chance that the FOMC will cut interest rates by 25 basis points.
A rate cut could further boost Bitcoin’s price, especially if Trump continues to gain momentum in the polls. With Trump’s rising odds and potential changes in U.S. monetary policy, the coming weeks could be critical for the crypto market.
Analysts suggest a Trump win and favorable market conditions could push Bitcoin to new heights.
