Bitcoin continued to rise on Wednesday, reaching a peak of $68,390, its highest level since July 29. As the largest cryptocurrency by market capitalization, Bitcoin has risen more than 60% year to date. However, Bitcoin is still 7.8% below its all-time high of $73,798 set in March this year.
Chris King, founder and CEO of the Eaglebrook crypto investment platform, said that part of the recent rise in Bitcoin is due to rising betting market estimates of Trump’s chances of winning next month’s U.S. presidential election.
According to data from the crypto market prediction platform Polymarket, users currently believe that Trump has a 59% chance of winning the election.
King said that Trump’s victory “will have an extremely positive impact on the crypto market” as the former president has repeatedly expressed support for the digital asset industry, including pledging to establish a strategic Bitcoin reserve in the United States.
At the same time, there are growing signs that Democratic presidential candidate Harris may be more friendly to cryptocurrencies than the current Biden administration. Vice President Harris pledged to protect crypto assets in a speech on Monday as part of a campaign strategy to appeal to black male voters.
Bitcoin’s recent rally has also been driven in part by seasonal and cyclical factors. David Kinitsky, chief operating officer of Dominant Strategies, noted that October was Bitcoin’s best month since 2014. According to Dow Jones Market Data, Bitcoin returned an average of 19.4% in October.
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