According to research conducted by the Consumer Finance Institute, it was revealed that approximately 20% of American adults own at least one cryptocurrency. Bitcoin 
$67,169The latest research further explains why ‘ is at the center of the 2024 US Presidential Elections. Three weeks before the elections, the Bitcoin price increased by 3.8% in the last 24 hours, becoming the tenth largest asset in the world. According to CoinmarketCap data, Bitcoin’s market value reached 1.34 trillion dollars.
Reasons for Bitcoin Price Increase
Over the past few days, Bitcoin has risen to a three-month high and is up double digits on a weekly basis. The fact that this increase occurred as the US elections approached led to speculation that the Bitcoin price might be linked to the elections. It is stated that similar price movements were observed in the 2016 and 2020 elections.
While the crypto industry came into focus in the 2024 elections, statements supporting crypto by names such as Donald Trump and Kamala Harris affected the market. Trump’s positive attitude towards the crypto industry and Harris’ promise of proper regulations have boosted market confidence. This contributed to the rise in Bitcoin price.
Increasing Demand for Bitcoin ETFs
Demand for spot Bitcoin ETFs stands out as one of the biggest reasons for the increase in Bitcoin price. Approved at the beginning of the year, ETFs have gained popularity with net inflows exceeding $19 billion. This increase in demand is supporting the Bitcoin price upwards. In addition to the increasing demand from institutional investors, the size of CME open positions also reached a record level. This says that professional investors expect more for Bitcoin.
S&P 500 and Uptober Prospects
The S&P 500 index’s opening at a new high level and Uptober expectations also positively affected the Bitcoin price. Uptober is known as the most profitable month in the last thirteen years, and with a good start, Bitcoin prices are on the rise again. Coinglass report shows a monthly growth of 6.83%.
Large investments in Bitcoin by large companies such as MicroStrategy increase investor confidence. The fact that companies such as Metaplanet and Tesla are expanding their Bitcoin portfolios can be considered among other reasons that strengthen confidence in the market.
Whether this increase in Bitcoin price will continue may vary depending on election results and market dynamics. Investors continue to monitor Bitcoin’s performance in line with both institutional support and regulatory developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
