Trump’s improvement in the election polls have powered Bitcoin to its highest level since July. And the Crypto market is up across the board.
According to Chris King CEO and founder at Eaglebrook, a crypto-investment platform Bitcoin’s rise reflects the betting markets pointing to the higher odds of a Donald Trump victory in the U.S. presidential election next month.
October has historically been Bitcoin’s best-performing month since 2014, with an average return of 19.4% for the token, according to Dow Jones Market Data.
The recent election climate and increased institutional buying of cryptocurrency exchange-traded funds (ETFs) are driving fresh interest and speculation, leading to significant growth in the crypto market.
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Crypto Market Rising
On the crypto-prediction platform Polymarket, users are now betting on a 59% chance that Donald Trump will win the upcoming U.S. presidential election. This sentiment aligns with the recent rise in Bitcoin prices, which surged to above $68,000.
