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Bitcoin prices climbed on Monday, briefly reaching a three-month high as speculation grew over Donald Trump’s chances of winning the 2024 U.S. presidential election. The world’s largest cryptocurrency has seen a sharp rally over the past week, spurred by polls and prediction markets indicating a potential Trump victory, though analysts caution the race remains too close to call.
Bitcoin rose 1.1% to $69,007.1 by 00:56 ET (04:56 GMT), coming within sight of its all-time high. A breakout above $70,000 is viewed as a significant bullish signal for the cryptocurrency market.
Trump Speculation Fuels Bitcoin Rally
Recent polls and prediction markets have shown an increased likelihood of Trump securing victory over Democratic nominee Kamala Harris. According to Polymarket, a crypto-based prediction platform, Trump holds a 60.7% chance of winning, compared to Harris’ 39.1%.
Trump’s pro-crypto campaign promises to foster the future of Bitcoin in the U.S., a stance that has resonated with investors in the cryptocurrency space. His campaign has even embraced digital currencies for donations. The prospect of a Trump administration is seen by many traders as potentially leading to more favorable crypto regulations, a key issue for the sector amid ongoing lawsuits involving the Securities and Exchange Commission (SEC) and the Department of Justice.
While Kamala Harris has also expressed support for a regulatory framework for crypto, details of her approach remain unclear. With just over two weeks until the election, the market is preparing for a closely contested outcome.
Broader Market Impact
Bitcoin’s rally comes as investors continue to favor safe-haven assets, such as the U.S. dollar and gold, which hit record highs on Monday. Data from capital flows also indicated a renewed interest from institutional investors in cryptocurrencies over the past week, signaling growing confidence in the market.
Altcoins Follow Bitcoin’s Lead
The broader cryptocurrency market saw strong gains in line with Bitcoin. Ether, the second-largest crypto by market capitalization, rose 3.8% to $2,740.14, marking a near two-month high.
Other altcoins also performed well, with SOL and ADA leading the charge, rising more than 6% each. Meanwhile, XRP and MATIC saw gains of nearly 4%, and meme coin DOGE added 4.6%.
As the U.S. presidential election approaches, the outcome could significantly influence the future regulatory landscape for cryptocurrencies, keeping investors and traders closely watching the race.
