Bitcoin hits a three-month high
written by Bella Palmer
Bitcoin gained 1.1% to $69,007.1, and was nearly $5000 away from a record high
Bitcoin’s price rose on Monday, briefly touching a three-month high amid increased speculation that Donald Trump will win the 2024 elections, with the token coming back in sight of record highs.
The world’s biggest crypto currency rose sharply over the past week as recent polls and prediction markets pointed to a greater chance of a Trump victory, although analysts still called the presidential race too close to call.
Bitcoin gained 1.1% to $69,007.1 by 04:56 GMT, and was nearly $5000 away from a record high. Crossing $70,000 is also set to be a key bullish signal for the token.
Recent polls and prediction markets showed increased odds of a Trump victory over Democratic nominee Kamala Harris. Crypto prediction market Polymarket showed a 60.7% probability of a Trump victory and a 39.1% probability of a Harris victory.
Trump has campaigned on a largely pro-crypto stance, promising to build the future of Bitcoin in America. His campaign also accepts donations in crypto.
The prospect of a Trump victory saw traders betting on more friendly crypto regulations in the U.S.- with regulation being a main point of contention for the industry in recent years, specifically amid a series of high-profile lawsuits from the U.S. SEC and the Department of Justice.
Harris also recently pledged to a regulatory framework for crypto, although more details of her plans were not immediately clear.
Still, with just more than two weeks left to the ballot, markets are positioning for a tight presidential election.
This kept investors more favoured to safe havens like dollar and gold, the latter of which reached a record high on Monday.
Recent capital flows data also showed institutional investors resumed buying into crypto currencies over the last week.
Wider crypto prices also clocked strong gains in tandem with Bitcoin, as sentiment towards the sector improved.
World’s second biggest crypto Ether gained 3.8% to $2,740.14- a near two-month high.
Disclaimer:
The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.