The post Bitcoin Again Enters The $70K Mark, Stocks Go Up Amidst US Election Enthusiasm appeared first on Coinpedia Fintech News
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.