Key Points
- Bitcoin surpassed $68,000 for the first time since July 29.
- Donald Trump’s election odds continue to rise, surpassing 60% on Polymarket today.
Bitcoin’s price has just surpassed the important level of $68,000, for the first time since July 29.
At the moment of writing this article, BTC is trading near $68,000, up by over 3% today, after trading above $68,200 minutes earlier.
Bitcoin’s Price Rise Triggered by Multiple Factors
Bitcoin’s price surge has been sustained by more factors including a continued inflow streak in Bitcoin ETFs on Monday and Tuesday.
The US-based Bitcoin ETFs recorded a notable inflow on October 14 at almost $556 million, the biggest inflow day since June, and over $371 million in inflows yesterday, October 15.
Bitcoin’s rally began at the beginning of this week, following important political events during the weekend, and continued amidst rising Trump election odds.
Trump’s Election Odds Surpass 60% Today
According to recent data from Polymarket, earlier today, Trump’s election odds have risen considerably. He is now leading Kamala Harris by 60.1% to 39.9%.
Yesterday, Trump was leading Harris by odds of 56.5% to 43% on Polymarket.
Trump’s odds have surged today on Kashi as well, showing a 57% chance of him winning the US elections compared to Harris who now has a 43% chance to win.
Yesterday, the predictions platform showed Trump leading Harris by 55% to 45%.
BTC Rally Is Correlated to Trump’s Rising Chances of Winning the Elections
As Bitcoin analytics platform Hey Apollo co-founder, Thomas Fahrer, noted, it seems that Bitcoin’s price rally is sustained by Trump’s winning odds surge.
In a recent post via X, Fahrer noted that for every 1% rise in Trump’s probability of winning, Bitcoin price rises by $1,000.
Recently, we also reported that analysts at Bernstein also highlighted that Bitcoin’s October surge is correlated to Trump’s rising chances of winning the US elections, and today’s price moves only support their claim.
In a note to clients on October 15, they wrote that even though both political parties have shown support for the crypto industry in their campaigns, the crypto market’s bid on Trump is stronger, as the prediction markets are showing.
BTC Could Hit $80,000 If Trump Wins, Analysts Believe
It’s also worth noting that last week, Bernstein analysts predicted that Bitcoin will hit $80,000 if Trump wins the US elections scheduled in less than a month.
The former US President has been showing increased support for Bitcoin and crypto in 2024, criticizing the US government for selling its BTC reserves, and promising the make the US the crypto capital of the planet if he wins next month.
Trump was also the first US president to accept crypto donations for his campaign, and, according to recent reports, contributors to the Trump 47 joint fundraising committee reportedly donated $7.5 million in crypto.
