Bitcoin’s Price Rise Linked to U.S. Election; Trump’s Pro-Crypto Stance Fuels Interest

Bitcoin recently touched $73,577, nearing its all-time high, though it fell short of setting a new record as investors began cashing out. In October, Bitcoin’s gains rose by 14.26%, marking a particularly strong month for the cryptocurrency market. Meanwhile, Ethereum also reached an intraday peak of $2,680 before retreating. This recent bullish trend led to the liquidation of approximately $185 million in leveraged short positions over the past 24 hours, with total crypto liquidations amounting to $257 million. Bitcoin’s open interest rose by 5.11% over the last 24 hours, reaching $43.17 billion, while the number of long positions taken by whale investors on Binance outpaced short positions by a factor of 1.42.

Globally, the cryptocurrency market saw a 3.04% increase in the last 24 hours, bringing its total valuation to $2.43 trillion.

Bitcoin’s price rise has also been linked to speculation surrounding the U.S. elections. Donald Trump, seen as a pro-crypto Republican candidate, has fueled interest as his potential win could drive demand for digital currencies. Russ Mould, a prominent analyst from AJ Bell, noted that Bitcoin’s value seems closely tied to Trump’s stance in the upcoming elections, as a Republican win could increase demand for digital assets.

During his previous presidency, Trump dismissed cryptocurrencies as a “scam,” but he has since shifted his stance, declaring that, if re-elected, he would position himself as a “pro-Bitcoin president” and has even hinted at launching his own crypto platform.

Gold prices also surged to $2,787.07, spurred by uncertainty surrounding the U.S. elections. Meanwhile, oil prices rebounded slightly after a recent sharp drop, as fears of increased Middle East tensions eased when Israel refrained from attacking Iran’s energy infrastructure.

In Asia, Japan was the only major market to see gains, closing up by 1% as the Nikkei index benefited from a weaker yen and tech gains. Manila also showed positive growth, while the Hong Kong stock market dropped by 1.6%, with Shanghai, Sydney, Seoul, Singapore, Taipei, Kuala Lumpur, and Bangkok also declining. Europe’s major markets, including London, Paris, and Frankfurt, opened with losses as well.