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Matrixport, a leading digital asset platform, recalled in its latest daily chart report that Bitcoin rose significantly following Donald Trump’s primary election victory in November 2016 when Bitcoin was trading at around $700.
Bitcoin Could Rise If Trump Wins US Elections, Matrixport Report Says
While the report warns that a single historical data point is not enough to establish a trend, market sentiment remains bullish.
Many believe that if Trump secures a second term, he could pursue regulatory rollbacks that could further boost Bitcoin's price.
Markets Await Trump's Victory
According to the latest betting markets, Trump's chances of winning the upcoming US presidential election are among the highest in history at 66.5%.
This prospect is fueling speculation that his potential re-election could benefit the crypto sector by easing regulations and encouraging higher institutional adoption.
The report also highlighted that demand for Bitcoin is increasing, with spot Bitcoin ETFs recently recording $800 million in single-day purchases. This increase in ETF inflows is reducing the supply of Bitcoin on exchanges, further intensifying buying pressure.
The recent buying frenzy reflects growing confidence in Bitcoin as a hedge against economic uncertainty, with market participants hoping that regulatory changes or looser fiscal policies under Trump’s leadership could provide further upside momentum for Bitcoin.
As the November 5 elections approach, analysts and investors are closely following political developments, with many positioning themselves for potential gains in the crypto market.
*This is not investment advice.