Crypto Comeback: Bitcoin Soars Amid Trump Election Buzz and Institutional Moves

How the Crypto Market Roared Back from Near Death

The crypto market has made a remarkable comeback, as reported by Axios in their article titled "How the crypto market roared back from near death" (source: Axios). Two years after CoinDesk's exposé led to FTX's collapse and its founder’s imprisonment, Bitcoin prices have surged to $72,700. This resurgence is partly fueled by speculation that Donald Trump might win the upcoming presidential election. The digital currency sector now plays a significant role in Washington D.C.'s power dynamics, potentially paving the way for legislation legitimizing it.

A few key developments contributed to this revival: institutional investors entered through Bitcoin ETFs following a court ruling against SEC resistance; an impressive $169 million was funneled into political campaigns via Fairshake PACs backed by major crypto firms; and Trump's newfound support of cryptocurrency further bolstered confidence among enthusiasts. Despite past failures like Three Arrows Capital or Celsius Network collapsing alongside Sam Bankman-Fried’s untrustworthy exchange—FTX—the industry continues thriving with stablecoins such as Tether witnessing exponential growth since 2019 while millions actively engage across blockchain networks worldwide.

Bitcoin Poised for New All-Time Highs Amid Election Optimism

Cointelegraph highlights five metrics suggesting Bitcoin will break new all-time highs before 2025 due largely to optimism surrounding US elections combined with massive inflows into spot BTC exchange-traded funds and technical indicators pointing towards an upward trajectory (source: Cointelegraph). Dubbed the “Trump trade,” recent rallies above $73k reflect growing enthusiasm for a potential presidency under the former leader, who promises to never sell government-held Bitcoins if elected again next month, according to Polymarket data showing him leading Vice President Kamala Harris in betting markets despite close opinion polls indicating a neck-to-neck race. The outcome remains uncertain, yet hopeful prospects abound within the community anticipating a pro-crypto environment should victory materialize, resulting in an influx of investments driving substantial gains. Overall sentiment remains bullish, with sustained positions over crucial thresholds inspiring continued rallies surpassing March peak levels, ultimately targeting ambitious price points beyond current records set earlier this year. Experts predict a possible surge towards unprecedented heights, as the future holds exciting possibilities for those involved, who are closely monitoring events as they unfold and eagerly await what lies ahead in the coming days, weeks, and months, ready to capitalize on the opportunities presented along the journey forward.

Sources: