BTC/USD: Bitcoin Eyes $70,000 After 10% Weekly Pump. How Are US Elections Driving Prices?

Presidential race is on and stakes couldn’t be higher. But crypto traders seem to be betting on one thing — Bitcoin-friendly policies regardless of election winner.

• Bitcoin prices BTCUSD pumped 10% last week and carried the gains over the weekend. The orange coin opened for Monday trading at levels above $69,000, up from last week’s low of $62,000 per token. A few things are in play, underpinning the rally — receding inflation and prospects of more interest rate cuts by the Federal Reserve, three reductions to borrowing costs by the European Central Bank this year. Macro stuff that’s good for the Uptober gains.
• One key factor weighs more than anything right now — the US presidential election in November. Both candidates, Donald Trump and Kamala Harris, strike an upbeat, positive tone when they talk about crypto assets. The Republican candidate has done an about face, turning from a crypto foe to a crypto friend, saying Bitcoin needs to be mined in the US. The Democratic candidate has vowed to “encourage innovative technologies” like digital assets.
• It seems that, regardless of whether Donald Trump or Kamala Harris wins, crypto traders are in for the gains. Spot Bitcoin exchange-traded funds, a stack of 11, performed superbly well last week, pulling in more than $2.1 billion in net new assets. Ethereum also saw a boost. The second-largest coin pumped 9% last week, going from $2,440 to $2,650 per coin. Its own ETFs, a stack of 9, logged a winning week with $78 million of net new money flowing in.