Bitcoin surprised the world on Tuesday morning with a new price of $71,200. Because sudden strong increases of 5 percent and more are lifting cryptocurrencies towards a new annual high shortly before the US election on November 5th. BTC itself is only about 3.5 percent away from its own all-time high of $73,750, which was set in March before the last halving and after the launch of the Bitcoin ETFs. was achieved.
A week before the US presidential election, which is crucial for so many things, analysts see that large sums are now being invested in Bitcoin and other crypto assets again. Both presidential candidates, Trump and Harris, have positioned themselves as crypto-friendly in the election campaign. Recently, the polls have increasingly tipped towards Trump’s election victory. “The market is pricing in the increasing certainty of a Trump victory. “Bitcoin has exceeded $70,000 and we are seeing some short positions being unwound,” QCP Capital co-founder Darius Sit told Coindesk.
At betting platforms like Polymarket, popular in the crypto world, the signs are now pointing to Trump. There, most of the crypto money (you pay the stablecoin USDC in order to bet) is bet on Trump, two-thirds of the bets are on him. At least that reflects the mood among those who invest large sums in crypto.
The second factor that is currently significantly influencing the crypto market is also related to the election campaign. Dogecoin, known to be Elon Musk’s favorite token, has shot up a whopping 15 percent in the past 24 hours. Musk made a big appearance at Trump’s final event in New York and was once again presented as the future great national budget reorganizer. Most recently, Musk also set up a lottery to encourage people to vote.
