In its latest daily chart report, Matrixport, a leading digital asset platform, noted that Bitcoin surged significantly following Donald Trump’s first election victory in November 2016, when the cryptocurrency traded at around $700 per coin. During Trump’s first year in office, Bitcoin saw substantial growth.
While the report cautioned that a single historical data point is not sufficient to establish a trend, market sentiment remains bullish. Many believe that if Trump secures a second term, he may pursue regulatory rollbacks that could further boost Bitcoin’s price.
Markets Anticipate Trump Victory
According to recent betting markets, Trump has a 66.5% chance of winning the upcoming U.S. presidential election, a probability that ranks among the highest in history. This expectation is fueling speculation that his potential re-election could benefit the crypto sector by easing regulations, encouraging higher institutional adoption.
Bitcoin Demand Soars Amid ETF Inflows
The report also highlighted increasing demand for Bitcoin, with recent spot Bitcoin ETFs recording $800 million in single-day purchases. This surge in ETF inflows is reducing the Bitcoin supply on exchanges, further intensifying buying pressure.
The latest buying spree reflects growing confidence in Bitcoin as a hedge against economic uncertainty. Market participants expect that regulatory changes or looser financial policies under Trump’s leadership could drive further upward momentum for Bitcoin.
As the November 5 election approaches, analysts and investors alike are closely monitoring political developments, with many positioning themselves for potential gains in the crypto market.
