Cryptocurrencies have been on an upward trend over the past week, with Chinese stimulus, rate cuts from Western central banks and perhaps the U.S. election coming into sharper focus as the reasons for the recent rally.
Bitcoin has been on a strong run in recent weeks and its rise looks to show no signs of slowing, which has some people excited.
Trump has vowed to make the U.S. the global capital of cryptocurrency as he battles for votes with his Democratic opponent, Vice President Kamala Harris.
His commitment to the industry has led to Bitcoin being classified as a so-called Trump trade - one of a series of bets premised on his return to the White House.
Bitcoin's rise has been accompanied by changes in prediction markets, a controversial platform where people can bet on the outcome of the election with information of disputed value. Trump's odds on the Polymarket platform have jumped to 60%, while Harris's odds have fallen to 40%. On PredictIt, Trump's odds are 54% and Harris's odds are 50%.
Since Oct. 11, more than a dozen U.S. bitcoin ETFs have seen net inflows of more than $1.6 billion. As of 9:32 a.m. London time Thursday, bitcoin prices were little changed at around $67,300, compared with a record of $73,798 set in March.
While prediction markets have shifted in Trump's favor, with less than three weeks until Election Day, most polls have the margins within the margin of error.
Harris leads Trump by about 1.6 percentage points in the Real Clear Politics national polling average. Trump leads by less than a percentage point in the equivalent measure in battleground states.
