The Trump – Bitcoin nexus: What his victory will mean for BTC investors

• Bitcoin surged to a three-month excessive as “Trump trades” gained momentum forward of the U.S. election.
• Donald Trump leads in Polymarket information, considered as favorable for the cryptocurrency market.

Amid fluctuating Asian markets, the place shares rose and fell, the cryptocurrency panorama confirmed notable resilience.

Bitcoin [BTC] surged to a three-month excessive, reflecting a big uptick in buying and selling exercise because the so-called “Trump trades” gained momentum.

Early trading on the twenty first of October noticed BTC attain $68,496.98, marking a greater than 6% improve over the previous week and over 8% within the final month.

This occurred whereas buyers positioned themselves forward of the U.S. presidential election simply two weeks away. 

Trump’s rising odds and its affect on the crypto market

Polymarket information exhibits Donald Trump main with 61.1% of projected votes, whereas Kamala Harris trails at 38.8%.

Therefore, with no main financial occasions this week, markets had been centered on company earnings and election dangers.

Supply: Polymarket

Thus, it appears clear that Bitcoin has gained as Trump’s prospects rise, along with his administration seen as extra lenient on cryptocurrency regulation.

His insurance policies on tariffs, taxes, and immigration are considered as inflationary, doubtlessly boosting the greenback and benefiting the crypto market. 

Execs weigh in

Remarking on the identical, Chris Weston, head of analysis at Australian dealer Pepperstone, highlighted that buyers would possibly encounter rising bills when hedging in opposition to greenback volatility and different portfolio-related dangers.

Weston mentioned, 

“With simply 15 days to go till the U.S. election, merchants have to resolve if now’s the suitable time to start out putting election trades with larger conviction.”  

Including to the fray was Brad Bechtel, world head of FX at Jefferies, who added that rising actual rates of interest had been offering assist to the greenback, particularly in opposition to three key currencies.

“We count on this development to proceed straight into the election and if Trump wins, doubtless effectively after the election as effectively.” 

Is Trump prone to win?

In truth, in a latest submit on X, Alex Thorn, Head of Firmwide Analysis at Galaxy Digital, unveiled a coverage scorecard assessing the cryptocurrency stances of presidential candidates Kamala Harris and Donald Trump.

He mentioned,

“Draw back danger of a Harris victory as restricted, with explosive upside attainable within the case of a Trump victory.”

As anticipated, an in depth examination of the scorecard revealed that among the many 9 core factors assessed, Donald Trump outperformed Kamala Harris in seven areas. 

Supply: Alex Thorn/X

Due to this fact, with just a few days remaining till the U.S. presidential election, it is going to be intriguing to watch how the crypto market responds each throughout and after the election.