Bitcoin surpassed $67,000 for the first time in more than a month, fueling speculation that a second Trump presidency could be positive for cryptocurrency markets.
Bitcoin's almost 6% rise to $67,434 on Friday contributed to smaller tokens such as Solana, Dogecoin and Avalanche gaining more than 3% in value. Bitcoin hit an all-time high of almost $74,000 in March as demand surged for ETFs that allow direct holding of tokens for the first time in the US.
According to Stephane Ouellette, CEO of FRNT Financial, the increasing likelihood of Republican candidate Donald Trump becoming president increases the optimism in the Bitcoin and cryptocurrency market in general. According to Ouellette, a second Trump administration could provide a more favorable regulatory environment for the crypto industry, which could boost the prices of Bitcoin and other crypto assets.
“We are on the verge of another bull market cycle like late 2021,” Ouellette said. Bitcoin had reached its previous all-time high in late 2021.
At a time when Bitcoin is rising even as stocks fall, disrupting its correlation with other risk assets, most groups in the S&P 500 fell on Friday, marking their worst week since April. According to PredictIt, the odds of Republican candidate Donald Trump becoming president approached 63% in the days following the failed assassination attempt. During this period, the price of Bitcoin increased by around 15%.
According to Ouellette, the election of Republican vice presidential candidate JD Vance could also be a boost for crypto markets. Vance's connections to Silicon Valley and crypto-friendly views suggest he could make positive changes to policymaking if Republicans win back the White House in November. “While there is a premium for options with exposure to the election, the premium is relatively low as Trump is currently the candidate with the best chance of winning,” said Ravi Doshi, Head of Markets at FalconX. “But if Biden drops out of the race, this could change dramatically.”
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