Bitcoin has surpassed $67,000 for the first time in more than a month, fueling speculation that a second Trump presidency could soon send $BTC to a record high.

Bitcoin's nearly 6% surge to $67,434 on Friday also helped the value of smaller tokens like #Solana,#Dogecoinand#Avalancherise more than 3%. Bitcoin hit an all-time high of nearly $74,000 in March on optimism about demand for US ETFs, which were allowed to hold tokens directly for the first time.

According to Stephane Ouellette, CEO of FRNT Financial, the increasing likelihood of Republican candidate#DonaldTrumpbecoming president is pushing Bitcoin and the rest of the crypto market higher. This is because a second Trump administration, if re-elected, would create a much more favorable regulatory environment for the cryptocurrency industry.

“We are headed for another bull market cycle similar to the one in 2021,” Ouellette said. Bitcoin reached its previous all-time high in late 2021.

According to Ouellette, the selection of JD Vance as the Republican vice presidential candidate is also a boost for cryptocurrency. Vance's ties to Silicon Valley and pro-crypto stance could positively influence policy if Republicans retake the White House from President#JoeBidenin November.

“While there is a premium on election-related options, that premium is relatively low because Trump is currently the most popular candidate,” said Ravi Doshi, Head of Markets at FalconX. win the championship". “Of course this could change dramatically if Biden leaves the race.”