Bitcoin surges to $67,000, fueled by positive sentiments around the US election data and growing inflows from the US Bitcoin spot ETFs.
Bulls stamped their market control after driving Bitcoin, the largest crypto asset by market cap, to a three-month high of $67,901 on Tuesday. With the bullish surge, Bitcoin has sustainably traded above the $66,000 price level after three failed attempts since June.
Notably, multiple factors have fueled the price upsurge, including increased inflows into the US spot ETFs and positive news from the US political scene ahead of the November presidential election.
Trump’s Extended Odds Lead Sparks Bitcoin Surge
A notable catalyst for the recent Bitcoin growth is the growing win odds of Republican nominee Donald Trump. Data from Polymarket shows that Trump’s chances of winning the November election have surged to 58.9%, trumping that of Kamala Harris by 18%.
This huge lead has sparked market fury as crypto investors grow increasingly confident that Trump, the pro-crypto candidate, will triumph in November. Notably, Trump’s warm embrace of digital assets has endeared him among key industry proponents and the broader crypto fan base.
Analysts at Bernstein predicted this market outcome last week, stating that events leading up to the presidential election will drive Bitcoin’s price movement. The research and brokerage firm asserted that the premier crypto asset would surge as Trump’s odd increase and depreciate in a reversed scenario.
Interestingly, Standard Chartered has predicted that Bitcoin would surge to its all-time high of around $74,000 before the election. The banking giant also cited the surging odds for Trump and the growing pro-crypto environment in the US following Harris’ comments that her administration will support a crypto regulatory framework.
Bitcoin Inflows Add to Bullish Sentiments
Another factor driving Bitcoin’s price upsurge is the renewed investor traction from the US spot ETFs. For context, the funds have seen an inflow of $1.18 billion in the past three days, with Monday’s $555 million Bitcoin purchase the highest since June.
The inflows have taken the cumulative flows into the funds to $19.73 billion, with a net asset value of $63.13 billion. Notably, ETFs from US spot issuers like BlackRock and Fidelity rank among the best-performing ETFs in the past decade.
Meanwhile, Bitcoin continued its bullish push today, surging over 2% in the past 24 hours. The firstborn crypto asset currently trades at $67,159 with a market cap of $1.3 trillion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
