Investing.com – Bitcoin’s price surged on Monday, briefly hitting a three-month high amid heightened speculation that Donald Trump will win the 2024 election and send the token to another record high.
The world’s largest cryptocurrency has surged over the past week as recent polls and forecast markets showed a greater chance of Trump winning, although analysts still believed the presidential race was too close to call.
rose 1.1% to $69,007.1 by 00:56 ET (04:56 GMT) and was about $5,000 below the record high. Breaking above $70,000 will also be a key bullish signal for the token.
Trump’s Bets Drive Bitcoin
Recent polls and forecast markets have shown increased chances of Trump winning over Democratic candidate Kamala Harris. Crypto prediction marketplace Polymarket showed a 60.7% chance of Trump winning and a 39.1% chance of Harris winning.
Trump ran a largely pro-crypto campaign, promising to build the future of Bitcoin in America. His campaign also accepts cryptocurrency donations.
The prospect of a Trump victory has investors betting on friendlier U.S. cryptocurrency regulation – with regulation being a major point of contention for the industry in recent years, particularly amid a series of high-profile lawsuits from the Securities and Exchange Commission and the Securities and Exchange Commission Stock exchanges. Department of Justice.
Harris also recently pledged to introduce a regulatory framework for cryptocurrencies, although more details of her plans were not immediately clear.
Still, with just over two weeks left until the vote, markets are preparing for a tight presidential election.
That made investors more supportive of safe-haven stocks like the dollar and gold, the latter of which hit record highs on Monday.
The latest capital flow data also showed that institutional investors resumed buying cryptocurrencies last week.
Cryptocurrency Price Today: Altcoins Rise Following Bitcoin
Broader cryptocurrency prices also saw sturdy growth in conjunction with Bitcoin, as sentiment towards the sector improved.
The world’s No. 2 cryptocurrency rose 3.8% to $2,740.14, its highest level in almost two months.
i outperformed other altcoins, up over 6% each, while i rose almost 4%.
Among meme tokens, 4.6% was added.
