Bitcoin Again Enters The $70K Mark, Stocks Go Up Amidst US Election Enthusiasm

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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, driven by a wave of enthusiasm and speculation over the election outcome. Notably, Donald Trump is leading in polls with a 62.9% chance of victory over Kamala Harris at 37.2%.

Crypto Linked Stocks Also Rise

Crypto-linked stocks were also on the go, recording movements. MSTR also was higher by 7.5% in early trading. Semler Scientific which reported its Q3 results Monday night was also higher by 26% as it disclosed additional bitcoin purchases and restated its commitment to a bitcoin stockpiling strategy similar to that of Michael Saylor’s MicroStrategy (MSTR). 

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 remains lower by about 10% over the past few sessions following a disappointing Q3 earnings report.

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 Again Shows Increased Odds For Trump

After a lot of volatility in the past few days, Polymarket is again showing higher odds for a Trump victory currently at 62% versus a Kamala Harris win at 38%. The odds for a Republican sweep — the presidency, the House, and the Senate — are at 39%, while the odds of a Democrat sweep are at 16%.

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.