Bitcoin's Soaring Price Linked to Trump's Odds of Winning U.S. Presidential Election

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Cointime2024/11/04 16:12

By:Cointime

Bitcoin has seen a surge in value alongside an increase in Trump's odds of winning the US presidential election, according to prediction markets such as PredictIt and Polymarket. The cryptocurrency recently reached $73,000, almost hitting its previous all-time high on the same day that Trump's odds of winning on Polymarket reached 69%, their highest level since June's failed assassination attempt. Some analysts believe that Bitcoin's recent strength is a sign that investors are preparing for a potential Trump victory, while others argue that the strength of US stocks and the dollar are also being driven by Trump wagers. This trend is referred to as the "Trump Trade" and is currently popular among investors.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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