Investing.com – Bitcoin rose on Monday, extending a rebound over the weekend as signs of resilience in the U.S. economy helped support broader risk appetite.
Betting markets also showed investors leaning more toward a Donald Trump presidency than Kamala Harris, presenting a brighter regulatory outlook for cryptocurrencies.
Bitcoin posted forceful gains in global stock markets after stronger-than-expected U.S. nonfarm payrolls data eased fears of a U.S. recession. However, the reading also reduced expectations for deep interest rate cuts by the Federal Reserve.
rose 2.7% to $63,558.3 ​​by 00:41 ET (04:41 GMT).
Trump has a nearly 3% lead over Harris-Polymarket
Betting platform Crypto Polymarket showed investors pricing in a 50.6% chance of Trump winning the 2024 US elections, compared to 48.4% for Harris.
The shift toward Trump comes after the former president’s rally in Butler, Pennsylvania, where an assassination attempt took place earlier this year. Tesla Inc (NASDAQ:) CEO Elon Musk also appeared at the rally and supported Trump.
Trump has presented a pro-cryptography stance in his promotional activities and is also accepting crypto donations. He also promised that if elected, he would pass cryptocurrency-friendly regulations.
Harris, on the other hand, has not provided any insight into her stance on cryptocurrencies and is expected to potentially continue the Biden administration’s crackdown on the sector.
Cryptocurrency Price Today: Altcoins Rise, More Interest Rate Clues Come into Focus
Broader cryptocurrency markets rose on Monday, tracking gains in Bitcoin and as risk sentiment improved.
The world’s No. 2 cryptocurrency rose 3% to $2,487.07, while altcoins rose 2.3% to 5%. remained unchanged while increasing by 4.7%.
Further gains in cryptocurrencies were halted as they rebounded on expectations of smaller interest rate cuts.
The focus this week is on more signals from the U.S. economy after last week’s stronger-than-expected data saw investors abandon bets on a 50-basis-point rate cut. According to .
Many Fed officials will make speeches in the coming days, and the September Fed meeting will be held this week.
Inflation data will also be released this week, which will likely impact the Fed’s interest rate outlook.
