Synopsis
Bitcoin prices climb above $71,000 amid US election speculations and positive market sentiment. Supported by strong ETF inflows and the Iran-Israel conflict, other major cryptocurrencies like Ethereum and Dogecoin also see gains. Options traders predict Bitcoin could hit $80,000 by end of November, citing potential Trump election victory influence.
Amid speculations around the outcome of next week’s US elections, Bitcoin prices have climbed over the $71,000 mark for the first time since June. The digital currency increased by more than 2%, reaching $71,310 while other cryptocurrencies, such as Ether and Dogecoin, also saw gains of about 4%.
Bitcoin is often linked to Donald Trump’s campaign because he has been vocal about supporting digital assets and even vowed to make the US the crypto capital of the planet while Kamala Harris has called for a regulatory framework for digital assets.
Trump is currently leading in prediction markets, while polls show a close race with Democratic candidate Vice President Kamala Harris. Volatility is expected to be high around Election Day on November 5th.
Crypto Tracker
TOP COIN SETSDeFi Tracker1.60% BuySmart Contract Tracker1.09% BuyWeb3 Tracker-3.62% BuyAI Tracker-4.47% BuyNFT & Metaverse Tracker-7.42% BuyTOP COINS (₹) Ethereum219,953 (5.41%)BuyBitcoin5,964,977 (4.82%)BuySolana15,260 (3.82%)BuyBNB50,884 (3.17%)BuyTether84 (0.01%)BuyAlso Read | Diwali sale or trap? 12 stocks crash at least 40% after giving multibagger returns
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View Details »“Supported by strong ETF inflows and positive market sentiment ahead of the U.S. presidential election, BTC saw a one-day increase of over 5%. The Iran-Israel conflict also contributed to the rally driving investors toward global assets. This rally has also boosted other major coins like Ethereum, Solana, BNB, and especially Dogecoin, which rose over 15% following Elon Musk’s tweet. BTC’s resistance stands at $71,400, with support at $67,900,” said Edul Patel, CEO Of Mudrex.
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Options traders are betting that Bitcoin could reach $80,000 by the end of November, regardless of the election outcome, according to reports. US spot-Bitcoin ETFs have seen about $3.3 billion in net inflows this month.
The rise in Bitcoin was also supported by a recent rally in stock markets. Tony Sycamore, a market analyst at IG Australia Pty, was quoted as saying in a report that Bitcoin seems to be “pricing in a Donald Trump election victory.” He added that Bitcoin needs to consistently stay above $70,000 to increase confidence that it can surpass its March record of $73,798.
Trump has also proposed asking Elon Musk to help reduce government spending, a plan humorously referred to as the Department of Government Efficiency, or DOGE, referencing the Dogecoin token that Musk supports.
Bitcoin surged 70% in 2024, despite reduced bets on Federal Reserve interest rate cuts and increased scrutiny on the stablecoin Tether.
