An analyst said that the market has not yet taken into account the possible positive shift in cryptocurrency regulation if Republican candidate Donald Trump wins the US presidential election. In addition, the price of Bitcoin has responded positively to the improved odds of the Republican victory, which gives people confidence in Trump's pro-crypto stance.

Bitcoin has risen by about 8% in the past week and is currently trading at $67,548. Bitcoin ETFs have seen net inflows of more than $2 billion in the past two weeks.