As the US presidential election approaches, Bitcoin has reached $70,000—its highest in five months. This price surge aligns with Donald Trump leading polls against Kamala Harris, suggesting a potential shift in the cryptocurrency landscape depending on the election outcome.
Bitcoin’s current price increase is supported by a stock market rally, with analysts like Tony Sycamore from IG Australia noting the importance of maintaining this level to surpass the March record of $73,798. Trump’s pro-crypto stance contrasts with Harris’s cautious approach advocating regulatory frameworks.
Options traders are speculating on Bitcoin reaching $80,000 by November's end, irrespective of the election results. The implied volatility for the election day reflects market uncertainty. Spot Bitcoin ETFs in the US have net inflows of about $3.1 billion this month, boosting positive sentiment.
Crypto contributions in this election year amount to around $119 million, featuring strategic donations from companies like Coinbase and Ripple aiming for supportive legislation. Harris's regulatory stance has raised concerns, given the appointments of crypto critics during her tenure.
Conversely, Trump’s recent engagement with NFTs and a DeFi platform hints at his warming attitude towards crypto. Ali Martinez suggests Bitcoin could average a 46% gain in November, potentially reaching over $100,000, provided it remains above $70,000 to confirm a breakout.
