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Bitcoin Price Rises Amid Election Speculation

Barbara Streisand

Oct 18, 2024 pm 06:52 PM

bitcoin Trump election Price

Bitcoin's price saw a modest increase on Thursday, trending toward strong weekly gains fueled by speculation regarding a potential Donald Trump victory in the upcoming presidential elections.

Bitcoin Price Rises Amid Election Speculation

Bitcoin price rose on Thursday, notching up strong weekly gains amid speculation over a potential Donald Trump victory in the upcoming presidential elections.

The world's biggest cryptocurrency hit its highest since late July earlier this week, driven by a slew of positive factors, though the current momentum appeared to be evening out.

Bitcoin rose 0.7% to $67,733.1 by 00:59 ET (04:59 GMT), having briefly crossed $68,000 earlier this week. It was set to mark its best weekly performance since early September, with gains of over 7%.

Several factors are boosting Bitcoin's price, including increasing speculation over Trump's prospects in the election. Polls showed Trump gaining ground against Democratic nominee Kamala Harris, who has pledged to create a regulatory framework for cryptocurrency.

Moreover, defunct exchange Mt. Gox has pushed back its timeline for returning tokens to creditors, easing immediate selling pressure. Improved capital flows into crypto investment products this past week also signaled positive sentiment in the market.

While Bitcoin held up in positive territory, other major cryptocurrencies lost some steam on Thursday. Ether fell 0.4% to $2,618.86, though it was still up 5.7% for the week. Other tokens, including XRP, SOL, MATIC, and ADA, slipped between 0.4% and 4%, although they showed gains for the week. Notably, DOGE rose 6.8%.

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