Bitcoin jumps above $69,000, reaching 3-month high as Trump's election odds increase
Bitcoin (BTC), the largest cryptocurrency by market value, has crossed the $69,000 mark, hitting a three-month high during early trading on Monday. This increase comes as the U.S. presidential election approaches in two weeks, with polls showing a growing chance of former President Donald Trump winning the election on November 5. His previous support for cryptocurrencies is boosting confidence among crypto investors.
At 11:45 AM IST, Bitcoin was trading 1.2% higher at $69,045, while Ethereum (ETH) rose 3.4% to $2,732. Earlier, Bitcoin briefly reached $69,450.
«The current U.S. election year is adding fuel to the bullish outlook. Prediction markets are showing increased odds of a Trump victory, which has excited the crypto community. Trump has openly supported the idea of making crypto central to America's economic future, even going so far as to suggest repaying the US national debt using crypto. This pro-crypto rhetoric has further energised market participants, contributing to heightened optimism,» said CoinSwitch Markets Desk.
Avinash Shekhar, Co-founder and CEO of Pi42, noted that Bitcoin is trading around $69,000, driven by support from Kamala Harris, Trump's 60% chance of reelection, and low interest rates. He
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