Bitcoin Jumps to Just Shy of $68K, its highest since late July

Finally, digital assets are beginning to monitor not only the likelihood of a Trump victory in November, but also the GOP sweep, said Geoff Kendrick of Standard Chartered.

The price of Bitcoin (BTC) rose rapidly in the US. trading hours on Tuesday morning, reaching levels not seen since late July.

At press time, the world’s largest crypto was trading at $67,500, up 3.7% in the past 24 hours and just off its session high of $67,800. The broader CoinDesk 20 index was up 2.5% over the same period, with Solana (SOL) and Cardano (ADA) outperforming BTC among the index components.

Standard Chartered analyst Geoff Kendrick said in a note on Tuesday that the rally could be driven by Republican President Donald Trump's surge in crypto friendliness over the past week. The former president now has a 56% chance of winning in November, according to PolyMarket (currently 56.9%), Kendrick said. Joe Biden has the best chance of winning, dropping out as the Democratic nominee.

The GOP sweep of Congress is also growing, Kendrick said. According to his calculations, if Trump wins the presidency, there is a 70% chance he will deal with the Republican-led House and Senate.

The destruction of the materials

Bitcoin's rise over the last few weeks has been very slow, but this morning's surge in profits saw more than $127 million in shorts - or bets against price increases - and longs - or bets against price a up - in the last four hours Liquidation occurs when a trader does not have enough money to keep a leveraged trade open, forcing the bullish, long, bearish, and short positions to close - temporarily up or a fall in prices

Traders at QCP Capital attribute the rally from earlier this week to several factors. The company said in a Telegram that the rally could be poll-driven, initially prompted by Republican Donald Trump’s lead in prediction markets and polls, and by Democrat Kamala Harris’s promise of a crypto-regulatory framework, of the services refers to the friendly attitude offered at

"Disappointment with China's latest stimulus may prompt some speculators to shift capital out of Chinese equities back into bitcoin — a scenario we first anticipated in our Oct. 8 post," QCP added Finance Minister Lan Fo'an promised further steps to support the property sector and a Sunday Newspaper suggested the government would borrow more. However, the announcement fell short of expectations and showed that it is relatively easy to continue investing in China-linked assets.