Bitcoin‘s price saw a modest increase on Thursday, poised for significant weekly gains as speculation around a potential Donald Trump victory in the upcoming presidential elections fueled investor interest.
The leading cryptocurrency reached its highest point since late July earlier this week, driven by a confluence of positive market factors, although its recent momentum appears to be stabilizing. As of 00:59 ET (04:59 GMT), Bitcoin rose 0.7% to $67,733.10, having briefly surpassed the $68,000 mark earlier this week.
Weekly Performance Highlights
Bitcoin is on track for a weekly gain of over 7%, marking its strongest performance since early September. Contributing to this uptick are heightened expectations surrounding Trump’s electoral prospects, along with Democratic nominee Kamala Harris’s commitment to establishing a regulatory framework for cryptocurrencies.
Additionally, the market sentiment was positively impacted by the defunct exchange Mt. Gox extending its timeline for returning tokens to creditors by an additional year. The distribution of Bitcoin by Mt. Gox, which began in July, had raised concerns about potential selling pressure on the cryptocurrency.
Capital flows into crypto investment products have also shown signs of improvement over the past week.
Election Speculation Boosts Crypto Sentiment
The prospect of a Trump victory has bolstered Bitcoin’s appeal, as betting markets like Polymarket indicate improved odds for the former president. A recent Fox News poll also suggests he holds a slight lead over Vice President Harris. However, other polls, such as a Reuters/IPSOS survey, show a tight race with Harris having a slight edge.
Crypto markets seem to favor the possibility of a Trump win, as he has maintained a pro-crypto stance during his campaign, even promising to advance Bitcoin in the U.S. Meanwhile, Harris’s pledge to establish a regulatory framework has also contributed to positive sentiment, despite a lack of specific details.
Altcoins Struggle for Momentum
While Bitcoin showed strength, other major cryptocurrencies faced challenges. Ether, the second-largest cryptocurrency, fell 0.4% to $2,618.86 but is up 5.7% for the week. XRP, SOL, MATIC, and ADA experienced declines ranging from 0.4% to 4%, although they too are in the green for the week. In contrast, meme token DOGE saw a notable increase of 6.8%.
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