currencyjournals — Bitcoin costs rose on Monday, briefly hitting a three-month excessive as hypothesis mounted that Donald Trump would win the 2024 election, with the token again on monitor for report highs. It's right here.

The world's largest cryptocurrency has soared over the previous week as latest polls and prediction markets present that Trump's victory is turning into extra possible, however analysts nonetheless say the presidential election remains to be removed from over. They are saying it's too shut.

By 12:56 a.m. ET (4:56 p.m. Japan time), the inventory was up 1.1% to $69,007.1, about $5,000 away from its all-time excessive. A break above $70,000 can also be set to be a key bullish sign for the token.

President Trump bets on Bitcoin's buoyancy

Latest polls and prediction markets have proven that Mr. Trump's possibilities of defeating Democratic candidate Kamala Harris are growing. Cryptocurrency prediction market Polymarket confirmed a 60.7% probability of Trump profitable and a 39.1% probability of Harris profitable.

Trump campaigned totally on the platform of defending cryptocurrencies, promising to construct the way forward for Bitcoin in the USA. His marketing campaign additionally accepts donations in cryptocurrency.

The prospect of a Trump victory has merchants betting on friendlier crypto regulation within the US. Regulation has turn into a serious concern within the trade lately, significantly amid a collection of high-profile lawsuits by the Securities and Alternate Fee and the U.S. authorities. Division of Justice.

Harris additionally not too long ago pledged to create a regulatory framework for cryptocurrencies, though particulars of her plans weren’t instantly clear.

Nonetheless, with simply over two weeks left till the vote, markets consider the presidential election can be a detailed one.

Because of this, traders proceed to want safe-haven property such because the greenback and gold, the latter of which hit a report excessive on Monday.

Latest capital move information additionally reveals that institutional traders have resumed shopping for into cryptocurrencies over the previous week.

Cryptocurrency costs immediately: Altcoins rise following Bitcoin

As sentiment in the direction of the crypto sector improved, the value of cryptocurrencies generally additionally rose considerably in parallel with Bitcoin.

The world's second-largest cryptocurrency rose 3.8% to $2,740.14, its highest degree in almost two months.

and outperformed different altcoins, rising greater than 6% every, and and growing almost 4% every.

For meme tokens, it elevated by 4.6%.