- Bitcoin rose to a three-month high as ‘Trump trades’ gained momentum ahead of the US elections.
- Donald Trump leads in Polymarket data, which is considered favorable for the cryptocurrency market.
Amid fluctuating Asian markets, where stocks rose and fell, the cryptocurrency landscape showed remarkable resilience.
Bitcoin [BTC] rose to a three-month high, reflecting a significant increase in trading activity as the so-called “Trump trades” gained momentum.
Early trade on October 21, BTC reached $68,496.98, up more than 6% in the past week and more than 8% in the past month.
This happened as investors positioned themselves ahead of the US presidential election, which is just two weeks away.
Trump’s Rising Opportunities and Its Impact on the Crypto Market
Polymarket data shows that Donald Trump is in the lead with 61.1% of expected votes, while Kamala Harris trails with 38.8%.
With no major economic events happening this week, markets were focused on corporate earnings and election risks.
Source: Polymarkt
So it seems clear that Bitcoin has gained as Trump’s prospects increase, with his administration seen as more lenient on cryptocurrency regulation.
His policies on tariffs, taxes, and immigration are seen as inflationary, potentially boosting the dollar and benefiting the crypto market.
Executives weigh in
Making the same comment on this, Chris Weston, head of research at Australian broker Pepperstone, highlighted that investors could face rising costs when hedging against dollar volatility and other portfolio-related risks.
Weston said:
“With just 15 days to go until the US elections, traders must decide whether now is the right time to start placing election trades with more conviction.”
Brad Bechtel, global head of FX at Jefferies, added that rising real rates supported the dollar, especially against three major currencies.
“We expect this trend to continue immediately into the election and, if Trump wins, likely well after the election.”
Is it likely that Trump will win?
In a recent post on
He said,
“The downside risk of a Harris win is limited, with an explosive upside possible in the event of a Trump win.”
As expected, a detailed examination of the scorecard found that of the nine key issues assessed, Donald Trump outperformed Kamala Harris in seven areas.
Source: Alex Thorn/X
Therefore, with just a few days to go until the US presidential elections, it will be intriguing to see how the crypto market reacts both during and after the elections.