United

Bitcoin

when

President Donald Trump

In the lead-up to the United States election, Bitcoin’s price movements have become increasingly intertwined with the presidential race, according to a pair of crypto executives. On Oct. 30, Bitcoin stormed above $70,000 for the first time since June, nearly tearing past its all-time high of $73,750, before stopping just short. 
Speaking to Cryptopolitan, Cory Klippsten, CEO of Swan Bitcoin, said the recent price surge likely reflects investor sentiment regarding future regulatory policies, legal clarity, and possible Bitcoin adoption by the federal government. 
“The recent surge in Bitcoin’s price, which has brought it within striking distance of its all-time high, can be attributed to a combination of investor optimism surrounding the election due to positive engagement from both campaigns and a significant influx of capital into Bitcoin ETFs,” he said. 
<figure id="attachment_609782" aria-describedby="caption-attachment-609782" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-609782 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/11/ETF.jpg" alt="A table listing Bitcoin ETF inflows and outflows for late October and early November." width="580" height="609" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/11/ETF.jpg 580w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/ETF-286x300.jpg 286w" sizes="(max-width: 580px) 100vw, 580px">
 <figcaption id="caption-attachment-609782" class="wp-caption-text">
 United States-based Bitcoin ETFs had their second-biggest day of inflows in October, followed by their second-largest day of outflows in November. Source: Farside Investors
 </figcaption>
</figure> 
Throughout October, the 11 United States-based spot Bitcoin exchange-traded funds (ETFs) saw consecutive inflows, <a href="https://farside.co.uk/btc/" rel="nofollow noopener" target="_blank">peaking</a> at almost $900 million on Oct. 30, the second-largest ever, according to Farside Investors. 
However, on Nov. 4, the day before polling day, ETFs recorded their second-biggest day of outflows, $541.1 million. This represents the largest outflow since May 1, when $563.7 million was registered. 
<h3 id="span-data-preserver-spaces-true-crypto-heavy-span-span-data-preserver-spaces-true-election-span-span-data-preserver-spaces-true-fueling-span-span-data-preserver-spaces-true-positive-investor-span-span-data-preserver-spaces-true-sentiment-span">Crypto-heavy election fueling positive investor sentiment</h3> 
Presidential candidates’ views on cryptocurrency regulation have become more prominent in the lead-up to the 2024 election. According to a&nbsp;<a class="editor-rtfLink" href="https://digitalchamber.org/vote" target="_blank" rel="noopener nofollow">survey</a> released on Oct. 17 by crypto advocacy group, The Digital Chamber, about 26 million voters could be part of a “crypto voting bloc,” flagging a pro-crypto policy as a top requirement when deciding who to vote for. 
One in seven of the 1,004 survey respondents said crypto was “extremely” or “very” important in deciding who they would vote for.&nbsp; 
<figure id="attachment_609783" aria-describedby="caption-attachment-609783" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-609783 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Crypto-bloc.jpg" alt="A survey showing how crypto-friendliness of candidates have become integral to voters decision" width="594" height="327" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/11/Crypto-bloc.jpg 594w, https://www.cryptopolitan.com/wp-content/uploads/2024/11/Crypto-bloc-300x165.jpg 300w" sizes="(max-width: 594px) 100vw, 594px">
 <figcaption id="caption-attachment-609783" class="wp-caption-text">
 Presidential candidates’ views on crypto regulation have become more prominent in the 2024 election as some voters hope for a more crypto-friendly environment. Source: The Digital Chamber
 </figcaption>
</figure> 
Klippsten says both candidates and their campaigns have discussed crypto in some form, which is likely fueling investor optimism that when the dust settles, there might be a more crypto-friendly environment in the U.S.&nbsp; 
“Donald Trump has taken a decidedly pro-Bitcoin position, pledging to transform the U.S. into the world’s leading Bitcoin hub and even proposing the establishment of a national Bitcoin reserve,” he said. 
“Kamala Harris has adopted a more measured approach, with many in the industry anticipating a period of regulatory clarity and support under her potential administration,” Klippsten added. 
Former President Donald Trump has <a href="https://rncplatform.donaldjtrump.com/" rel="nofollow noopener" target="_blank">expressed </a>support for the crypto industry, teasing at a keynote address in Nashville, Tennessee, how he would make the U.S. the “crypto capital of the planet” and Bitcoin a “superpower of the world.” 
Vice President Kamala Harris has yet to reveal an official position on crypto, but in her 2024 policy platform, she <a href="https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf" rel="nofollow noopener" target="_blank">refers</a> to “digital currencies” and outlines plans to “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” 
<h3 id="span-data-preserver-spaces-true-post-election-span-span-data-preserver-spaces-true-bitcoin-price-likely-tied-to-whoever-wins-span">Post-election Bitcoin price likely tied to whoever wins&nbsp;</h3> 
Greg Magadini, director of derivatives at Amberdata, told Cryptopolitan that depending on who wins the election, the Bitcoin price could receive a spike in either direction, “with a +1.5-Sigma, $6,000 to $8,000 price range, as a result of the post-election price reaction.” 
“Therefore, major price levels are $60,000, Kamala wins dip, or a $75,000/$77,000 a Trump win that brings spot right back to the all-time highs, then through them, as election enthusiasm breaks the high seen last week,” he said. 
Bitcoin has surged approximately 9.46% in the past 24 hours, reaching an all-time high of $75,011 as vote-counting progresses, with Donald Trump taking an early lead in the polls. At the time of writing, Trump has 95 wins out of the 135 electoral votes counted so far

Bitcoin price has become intertwined with U.S. Election: Crypto executives

Table of Contents

Cryptopolitan_News

Other articles published on Nov 6, 2024

OpenSea Unveils Major Upgrade to NFT Marketplace, Set to Launch in December

Here are the key Senate races for crypto in the US election

Bitcoin miner Hut 8 to increase hashrate with fleet upgrade

Kraken Tightens Up: Layoffs, New Co-CEO, and a Strategy Shift Amid a Crypto Industry Reset

AI Tokens Sector Surged by Almost 18% Following US Elections

Floki Inu (FLOKI) Price Prediction 2025: A Comprehensive Analysis

Join our free newsletter for daily crypto updates!