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.

 The digital currency's high point of $68,390 marks the highest level since July 29, and it's currently trading around $68,015 as of Wednesday afternoon, representing more than a 60% year-to-date increase.

While Bitcoin remains 7.8% away from its all-time high of $73,798 reached in March, the market remains optimistic.

A win by former President Trump is seen by many as a positive signal for the crypto market. Trump has expressed consistent support for digital assets and even promised to create a strategic Bitcoin stockpile. 

According to market analyst King, "A Trump win would be overwhelmingly positive for the crypto market," as the former president has made repeated commitments to support the digital asset industry.

Kamala Harris Speaks Out

Following Trump’s pro-crypto stance, Vice President Kamala Harris also voiced her intention to support a regulatory framework for the cryptocurrency sector.

Speaking as part of her “Opportunity Agenda for Black Men,” Harris expressed that she aims to create a friendlier environment for the industry. This signals that the Democratic campaign is seeking to embrace digital assets more than the current Biden administration. She has pledged to protect crypto assets, aiming to connect with Black male voters.

Current Bitcoin Details

Bitcoin’s recent gains are supported by seasonal trends and the broader rise in crypto assets. Coinbase Global Inc.’s bonds have also rallied this week, reflecting confidence in the market. 

The 3.375% notes maturing in October 2028 have seen yields drop by 202 basis points, showing growing investor optimism. 

Coinbase’s convertible bonds have also risen as the stock approaches its conversion strike price. The company has more than $4 billion in outstanding bonds, with $1.4 billion due to mature in 2026. Coinbase’s stock itself has surged by 28% in October, far outpacing the S&P 500's 4% gain. 

According to David Kinitsky, chief operating officer at Dominant Strategies, Bitcoin's recent performance is also driven by seasonal and cyclical factors, with more growth expected as institutional and retail interest in the crypto market continues to climb.