Bitcoin Hits $70,000 as Polymarket Again Shows Increased Odds For Trump

As the U.S. heads into one of its most anticipated elections, Bitcoin has yet again hit the $70,000 mark, up 2.4% in the past 24 hours

Bitcoin price hit $70,000 again on Monday, as enthusiasm and speculation over the U.S. presidential election drove another wave of enthusiasm for the cryptocurrency.

Bitcoin rose 2.4% over the past 24 hours to $70,250 at the last check. The coin hit a high of nearly $72,000 over the weekend, ahead of the election that will see either Donald Trump or Kamala Harris become the next president.

Trump was leading in polls with a 62.9% chance of victory over Harris at 37.2%. The Republican candidate has expressed support for cryptocurrencies in the past, while Harris has remained largely skeptical.

Bitcoin price surges as Trump leads in polls

Among crypto-linked stocks, MSTR was also higher by 7.5% in early trading. Semler Scientific, which reported its Q3 results late Monday, was also higher by 26% as it disclosed additional bitcoin purchases and restated its commitment to a bitcoin stockpiling strategy.

Like Semler, MicroStrategy (MSTR) is also known for its bitcoin stockpiling strategy, which has seen the company add billions of dollars to its balance sheet in the past year.

Also, read: Semler Scientific stock price now up over 1,200% in 2020 after disclosing bitcoin purchases

Recently roughed-up bitcoin miners like Marathon Digital (MARA), Riot Platforms (RIOT), and Hut 8 (HUT) also recorded gains in the 3%-5% range. Coinbase (COIN) was higher by 3%, though it still remained lower by about 10% over the past few sessions following a disappointing Q3 earnings report.

Nasdaq up 1%, 10-year U.S. treasury yield rises

Coming to traditional markets, the Nasdaq was higher by more than 1% and the S&P 500 advanced 0.8%. Gold and oil were also in the green and the 10-year U.S. treasury yield was up seven basis points to 4.36%.

Polymarket showed increased odds for a Trump victory again after a lot of volatility in the past few days. The odds for a Trump victory currently stood at 62% versus a Kamala Harris win at 38%.

The odds for a Republican sweep — the presidency, the House, and the Senate — were at 39%, while the odds of a Democrat sweep were at 16%.

Bitcoin price and the U.S. presidential election

Notably, the bitcoin price surge is linked to Trump’s potential win, as many investors and community members view that his policies could give long-term growth for the crypto market and clear the regulatory hindrances.

Trump’s lead in the polls has infused confidence among conservative investors, which has further propelled Bitcoin’s price.

Analysts forecast a 10% move in either direction, so if the price goes to the upside, investors may witness a new all-time high in BTC price, moving above the $75K mark. Moreover, the RSI is also heading in an upward direction indicating bullish moves.

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