In the midst of one of the most closely watched elections in U.S. history, Bitcoin has once again surpassed the $70,000 milestone. Over the past 24 hours, the cryptocurrency has experienced a 2.4% increase, fueled by a wave of enthusiasm and speculation regarding the election’s outcome. Currently, Donald Trump leads the polls with a 62.9% likelihood of victory, compared to Kamala Harris, who has a 37.2% chance.
Crypto-Linked Stocks Also Rise
Alongside Bitcoin’s impressive performance, stocks connected to the cryptocurrency sector have also been on the move. MicroStrategy (MSTR) saw a notable 7.5% increase in early trading. Semler Scientific, which recently announced its Q3 results, enjoyed a 26% rise following the revelation of additional Bitcoin acquisitions and its commitment to a Bitcoin accumulation strategy akin to Michael Saylor’s MicroStrategy.
Bitcoin mining companies that have recently faced challenges, such as Marathon Digital (MARA), Riot Platforms (RIOT), and Hut 8 (HUT), have shown positive gains ranging from 3% to 5%. Coinbase (COIN) also experienced a 3% uptick, although it remains approximately 10% lower over the past few sessions due to a disappointing Q3 earnings report.
Traditional markets have also been performing well. The Nasdaq Composite Index rose by more than 1%, while the S&P 500 saw a 0.8% increase. In addition, both gold and oil prices are on the rise, and the 10-year U.S. Treasury yield climbed seven basis points to 4.36%.
Polymarket Again Shows Increased Odds for Trump
After experiencing significant volatility in recent days, Polymarket is once again reflecting increased odds for a Trump victory, currently at 62%, compared to Kamala Harris’s 38%. The likelihood of a Republican sweep, encompassing the presidency, the House, and the Senate, stands at 39%, while the probability of a Democrat sweep is at 16%.
The surge in Bitcoin’s price is closely linked to Trump’s potential win, as many investors and community members believe that his policies could foster long-term growth for the cryptocurrency market and help clear regulatory obstacles. Trump’s lead in the polls has instilled confidence among conservative investors, further driving Bitcoin’s price upward.
Analysts anticipate a 10% movement in either direction for Bitcoin’s price. Should it move upward, investors may witness a new all-time high, surpassing the $75,000 mark. Moreover, the Relative Strength Index (RSI) is trending upward, indicating bullish momentum in the market.
