Bitcoin surged past $67,000 on Friday, marking its first time reaching this level in over a month. This milestone has reignited speculation that the largest cryptocurrency might soon make another attempt at record highs. The surge comes amid optimism that a second Trump presidency could benefit digital assets, Bloomberg reported.
The cryptocurrency climbed nearly 6% to $67,434, lifting smaller tokens like Solana, Dogecoin, and Avalanche, which also saw gains of over 3%. Bitcoin’s previous all-time high of nearly $74,000 was reached in March, driven by demand for US exchange-traded funds that could directly hold the token.
Donald Trump’s Rising Support for Bitcoin
According to FRNT Financial CEO Stephane Ouellette, the increased likelihood of Donald Trump winning the presidency is propelling Bitcoin and the broader cryptocurrency market.
He believes a second Trump administration would foster a more favourable regulatory environment for the crypto industry. “We’re on the precipice of another bull market cycle, similar to 2021,” said Ouellette, referring to Bitcoin’s last peak in late 2021.
The crypto market’s rally is occurring even as traditional stocks decline, weakening the recent correlation between cryptocurrencies and other risk assets. Most sectors in the S&P 500 fell on Friday, leading to the index’s worst week since April.
After a failed assassination attempt on Trump, his chances of turning into president again have risen to approximately 63%, as per the records of PredictIt. Concurrently, Bitcoin’s fee has increased by around 15%.
Additionally, the choice of JD Vance as a strong Republican vice-presidential candidate, who has good ties with Silicon Valley and supports crypto, is seen as a positive influence on future policies if the Republicans win the White House in November.
FalconX Head of Markets Ravi Doshi noted that while there is a premium for options linked to the election, it remains relatively muted since Trump is currently the favourite to win. “That could change drastically if Biden drops out of the race,” Doshi added. FalconX’s derivatives desk has observed mostly bullish long-term trades through the end of the year.
Also read: Trump Has Silicon Valley Support Because He Would Boost BTC’s Price: Mark Cuban
Strong Support From the Community for Bitcoin
At the time of writing, Bitcoin is trading at $66,657.81, up nearly by 4% within the last 24 hours.
The Bitcoin community stays positive about BTC’s performance. Some buyers stated that Bitcoin is maintaining its trendline support at $64,000, while others predicted an explosive move based on the tight Bollinger Bands, similar to compressions seen in 2016 and 2023.
It has historically led to significant price surges. There are predictions that Bitcoin may want to reach between $140,000 and $190,000 this year.
In summary, Bitcoin’s recent surge past $67,000 reflects the growing optimism surrounding the potential impact of a second Trump presidency on the cryptocurrency market.
As traditional markets face challenges, Bitcoin and other digital assets are experiencing renewed interest and speculation about future record highs.