The digital asset is up about 13% in the previous seven days, nicely forward of a world inventory gauge and gold. Billionaire Stan Druckenmiller cited crypto as among the many indicators that markets are pricing in a win for the previous president.
Trump has vowed to make the US the crypto capital of the planet as he duels for votes in a tight race towards Democratic rival Vice President Kamala Harris. His embrace of the sector led to Bitcoin’s classification as a so-called Trump commerce – one in all a sequence of wagers predicated on his return to the White Home.
The Bitcoin advance got here alongside shifts in prediction markets, controversial platforms of disputed informational worth the place individuals can bet on election outcomes. Trump’s odds on the Polymarket platform have jumped to 60%, whereas Harris has dropped to 40%. On PredictIt, Trump’s chances are high at 54%, in contrast with 50% for Harris.
“Pleasure in prediction markets is resulting in excessive ranges of implied volatility and a rally in spot-Bitcoin costs,” stated Arisa Toyosaki, co-founder of Cega, a crypto derivatives service supplier. “The current important inflows into Bitcoin exchange-traded funds are additionally fueling the rally.”
Internet inflows into a group of a dozen US Bitcoin ETFs have topped $1.6 billion since Oct. 11 inclusive. The token was little modified at about $67,300 as of 9:32 a.m. Thursday in London, in contrast with March’s file of $73,798.
Bitcoin up 13% in a week as markets bet on Trump win m.economictimes.com 2024-10-17 18:10:25
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