Bitcoin’s Climb Toward $70,000
Bitcoin is edging closer to a significant milestone of $70,000, reaching a high of $69,450 early Monday morning in Asia. Investors are now turning their attention to the upcoming U.S. presidential election, which is expected to have a growing impact on the cryptocurrency market in the coming weeks.
Min Jung, an analyst at Presto Research, noted, “The $70,000 level is a critical psychological resistance point, nearing Bitcoin’s all-time high of $73,700 set in March this year.” By late morning in Hong Kong, Bitcoin retreated slightly to $68,768, according to The Block’s data.
U.S. Presidential Election and Crypto Influence
The upcoming U.S. election, just two weeks away, is drawing heightened attention from the crypto market. David Lawant, Head of Research at FalconX, explained, “For the first time, crypto has become a mainstream political issue, engaging a broader audience.”
Donald Trump’s rising odds of winning the presidency are contributing to Bitcoin’s price surge, says Presto’s Jung. Trump’s pro-crypto stance, including support for Web3 technologies like NFTs, Bitcoin mining, and decentralized finance, is seen as a potential boost for the market.
While Kamala Harris has also expressed support for crypto policies, Trump’s patronage for the sector is driving optimism. Ethereum-based prediction platform Polymarket shows Trump leading Harris by 21%, with his odds of winning at 60%. Meanwhile, Harris holds a slight lead in traditional polls, with FiveThirtyEight’s aggregate showing her at 48.2%, just 1.8% ahead of Trump.
Impact of a Trump Victory on Crypto
According to Augustine Fan, head of insights at SOFA.org, a Trump win, coupled with a Republican sweep of the House and Senate, could provide the best scenario for crypto. “This outcome could push forward the Trump-Vance-endorsed digital asset reform plans,” Fan noted.
Macro Factors and Bitcoin’s Future
Following the election on November 5, another key event for the market will be the U.S. Federal Open Market Committee (FOMC) meeting. CME Group’s FedWatch Tool currently shows a 94.4% likelihood of a 25 basis point interest rate cut. Presto’s Jung added, “If Trump’s momentum continues and the Fed signals a more dovish stance, Bitcoin could see renewed strength in the weeks following these events.”
Conclusion
With the U.S. presidential election just weeks away, Bitcoin’s price is riding a wave of investor optimism. The election outcome, combined with potential Federal Reserve moves, could drive further momentum in the cryptocurrency market, particularly if Trump’s pro-crypto policies come into play.
