Bitcoin Hits Highest Price Since Late July

Bitcoin surged to a two-and-a-half-month high on Friday, fueled by optimism surrounding Donald Trump’s potential election, as he presents himself as a defender of cryptocurrencies.

By midday Friday (local time), the world’s largest cryptocurrency by market value had climbed 2.50% against the U.S. dollar, trading at $68,607. Earlier, it peaked at $68,983—its highest level since late July. Over the past few days, Bitcoin broke out of the $60,000–$66,000 range, where it had hovered for a month.

Beyond seasonal trends, Bitcoin also benefited from a bullish note by JPMorgan, forecasting appreciation in digital currencies by 2025.

In the past five days, Bitcoin ETFs (exchange-traded funds) saw a net inflow of $2.1 billion. These ETFs—approved in January by the SEC, the U.S. financial market regulator—offer investors exposure to Bitcoin’s price movements without requiring direct ownership of the cryptocurrency.

According to the crypto-focused site Blockworks, these funds now manage over $50 billion in assets.

The recent Bitcoin rally is closely tied to Trump’s growing lead on betting platforms and prediction markets ahead of the U.S. presidential election on November 5. U.S. betting platform Kalshi, for instance, currently gives Trump a 56% chance of victory based on wagers placed on the site.

Initially, Trump was a vocal critic of cryptocurrencies, once calling them a “scam.” However, he has since reversed his stance, now positioning himself as a pro-crypto advocate. Recently, he launched his own cryptocurrency trading platform, further distancing himself from President Joe Biden’s administration, which favors stricter regulation of the sector.

Meanwhile, Democratic vice president and candidate Kamala Harris has sought to reassure crypto holders by offering some policy guarantees.