Bitcoin hits multi

Bitcoin has been climbing steadily this week,What is the role of foreign exchange with its price surpassing $68,390, marking the highest level since July. Year to date, Bitcoin has risen over 60%, though it remains about 7.8% below its all-time high in March of this year. Analysts suggest that one of the key factors behind this surge is the U.S. political climate, particularly the increased probability of a Trump victory according to betting markets, which has driven Bitcoin's price upward.

Data from the cryptocurrency market prediction platform Polymarket indicates that the current market probability of Trump winning next month's U.S. presidential election is at 59%. Analysts point out that Trump's supportive stance towards the cryptocurrency industry, such as his proposal to establish a U.S. strategic Bitcoin reserve, has made investors optimistic about his victory, thereby boosting demand for cryptocurrencies. Furthermore, compared to the current Biden administration, Democratic candidate Harris might adopt more favorable policies towards digital assets, adding a positive sentiment to the crypto market.

Bitcoin's price rise is not only influenced by political factors but is also closely related to its seasonal patterns. Historical data shows that October tends to be the best-performing month for Bitcoin. Since 2014, Bitcoin's average return rate in October has reached 19.4%, and this seasonal trend has once again been reflected this month.

From a macroeconomic perspective, Bitcoin's upward trend also reflects an increased global market demand for cryptocurrencies as a safe-haven asset. In the context of a slowing global economic recovery, rising inflation, and uncertainty over central bank policies, the safe-haven nature of cryptocurrencies has become more pronounced, driving market demand. As global investors increasingly view Bitcoin as a tool against currency devaluation and geopolitical risks, its status in global capital markets may further improve.

The global crypto market currently faces significant regulatory pressure, but Bitcoin's robust performance demonstrates its resilience in the market. Regardless of the outcome of the U.S. election, with the participation of more institutional investors and the growing popularity of blockchain technology, the overall demand in the cryptocurrency market is expected to continue its growth trajectory.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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