Bitcoin up on Trump pro-crypto agenda

Bitcoin has reached its highest level since mid-June, buoyed by Donald Trump’s pro-crypto stance and expectations of impending US Federal Reserve interest-rate cuts.

The largest cryptocurrency rose by as much as 2.6 per cent on Monday, reaching $69,462 at 11:40 am in Singapore, while other digital assets like Ether, Solana, and Dogecoin also saw gains.

At a weekend conference, Republican presidential nominee Donald Trump pledged to transform the US into the “crypto capital of the planet” and a “bitcoin superpower” if re-elected. He also proposed that the US government hold onto seized cryptocurrencies to establish a strategic bitcoin reserve.

Chris Weston, head of research at Pepperstone Group, highlighted Trump’s speech at the bitcoin event in Nashville as a significant factor, cementing bitcoin as a “key election trade.”

Additionally, anticipation of the Federal Reserve’s upcoming meeting, where officials are expected to discuss the beginning of a rate-cutting cycle, has further improved market sentiment.

Bitcoin is currently about $4,400 shy of its record high of nearly $74,000 set in March. Inflows into US exchange-traded funds have supported the token’s rise this year.