Source: Wall Street See

Wall Street insiders predict that if Trump wins, bitcoin could break through $0.075 million on election day. If the Republicans control Congress, bitcoin could reach a high point of $0.125 million by the end of the year; if the Democratic Party led by Harris wins, bitcoin may temporarily decline, but could still hit a new historical high of around $0.075 million by the end of the year.

Boosted by factors such as technological advantages, bullish signals from institutions, and positive impact from the election, crypto assets collectively surged.

Overnight, bitcoin rose nearly 3% to above $70,000, reaching a high of $70,218 per coin, with trading volume surging 140% to over $36 billion.

Other types of cryptocurrencies followed the uptrend. As of the time of writing, ethereum and dogecoin have increased by 2.4% and 11.7% respectively within the day.

With only one week left until the US election on November 5th, the outcome is seen as advantageous to crypto assets regardless of who wins the presidency.

Wall Street previously mentioned that Trump explicitly supports cryptocurrencies, which led Bitcoin to be seen as one of the 'Trump trades,' while Harris also pledged to support the regulatory framework of this industry, contrasting with the current Biden administration's crackdown on the sector.

Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, predicts that a Trump victory could cause Bitcoin to surpass $0.075 million on election day, with a possible year-end peak of $0.125 million if the Republicans control Congress.

Conversely, if the Democratic Party led by Harris wins, Bitcoin may temporarily decline, but could still reach a historical high of around $0.075 million by the end of the year.

As the election day approaches, the volatility of the cryptocurrency secondary market continues to rise. Market data shows that although Bitcoin's implied volatility has been declining, there has been a surge in trading activity in short-term options recently, indicating that investors are pricing in potential turbulence in November.

Furthermore, the surge in cryptocurrencies is also driven by the following factors: the Fed entering a rate-cutting cycle boosting risk sentiment; the Bitcoin DMA indicator showing a golden cross, releasing a bullish signal; news suggesting Microsoft may acquire Bitcoin, leading to a significant influx of institutional funds into Bitcoin spot ETFs; and Elon Musk publicly endorsing Dogecoin on the X platform.

Editor / jayden