Bitcoin Nears 69K... Bull Run Amid Trump Lead in US [Bitcoin Now]

Binance Touches $69,000 Intraday

[Image source=Yonhap News]

In the third week of October, the price of Bitcoin approached $69,000. With about 18 days remaining until the U.S. presidential election on November 5 (U.S. time), the upward trend continues. Industry expectations have grown as the momentum for the U.S. presidential election, which could change the landscape of the virtual asset industry, has tilted toward former President Donald Trump.

According to the global virtual asset market tracking site CoinMarketCap, as of 11:20 AM on the 19th (Korean time), the price of Bitcoin is $68,397.90, up 0.73% from the previous day. Compared to a week ago, it has risen 9.13%, and compared to a month ago, it has increased by 10.37%. The year-over-year growth rate is 142.50%.

Bitcoin, which was only in the $62,000 range on the 13th, began to rise starting on the 15th and continued its upward trend until this day, approaching $69,000. This is the highest level in about three months since the end of July. According to TradingView, on the 18th (local time), Binance, a global virtual asset exchange, touched $69,000 around 6:46 PM. There are some price differences between exchanges for virtual assets.

The driving force behind Bitcoin's rally is the expectation surrounding the U.S. presidential election. Former President Trump, the Republican candidate, has positioned himself as a pro-virtual asset advocate. It is expected that if elected, he will actively ease regulations on industries such as mining and exchanges. The Trump campaign has even presented a detailed long-term plan to stockpile Bitcoin as a strategic asset like gold and crude oil.

Recently, the possibility of former President Trump's victory in the presidential election has soared to the highest level in three months. On the 16th (local time), the average probability of Trump's victory across seven U.S. presidential election betting sites, compiled by the polling analysis site RealClearPolitics, was 57.7%, the highest since July 22 (58.7%).

Even if the Democratic candidate, Vice President Kamala Harris, wins, there are expectations that virtual asset regulations will be eased compared to the current level. Bloomberg News in the U.S. analyzed, "Regardless of who wins the election, expectations are rising that the U.S. government will be crypto-friendly, increasing optimism."

On the 18th (local time), the U.S. Securities and Exchange Commission (SEC) approved the listing of options for a spot Bitcoin exchange-traded fund (ETF), which is expected to increase institutional investor participation. Options are rights to buy or sell assets at a specific price in the future. With the ability to trade options based on price volatility, it is expected that institutional investors employing various product strategies will participate more actively.

According to the virtual asset data provider Alternative, the Fear & Greed Index, which expresses investor sentiment as an index, was 72 points (Greed) as of that day. This is a higher rating than last week's 49 points (Neutral). Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investing, while a score near 100 indicates optimism.