Bitcoin Rally: Trump’s Influence
Bitcoin’s recent strong rise is like a strong wind, attracting investors’ attention! The price of Bitcoin has surged by about 13% in the past seven days, driven not only by market enthusiasm but also by expectations that Republican candidate Donald Trump will win the upcoming presidential election. Bitcoin once exceeded $68,000 and became the focus of the market. All of this is closely related to Trump's political trends.
Billionaire Stan Druckenmiller believes this trend is a sign that Trump may win the election. Trump has promised to make the United States a global center for cryptocurrencies, making Bitcoin part of his election strategy. On prediction markets, Trump's odds of winning have risen to 58% and 54%, sparking excitement among investors.
Arisa Toyosaki, co-founder of crypto derivatives service Cega, pointed out that this excitement has driven the rise in Bitcoin spot prices, and since October 11, net inflows into U.S. Bitcoin ETFs have exceeded $1.6 billion, providing This rally has injected strong momentum.
While Trump's support appears to be a boon for markets, with less than three weeks until Election Day, polls show a narrow gap between the two sides. Vice President Harris has taken a more cautious approach to cryptocurrencies and promised to promote the development of the industry with appropriate safeguards, which also stimulated optimism in the market.
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