Bitcoin Jumps to 66K, Triggering $245 million in Liquidations

Republican Win Not Only Pathway to Bitcoin All-Time High as Harris Continues Pro-Crypto Push

Bitcoin price shot up nearly 10% last week as investors reacted to the announcement of new regulatory reforms for the crypto market.

According to the CIO of Bitwise, investors are now keen to know whether the current run will see Bitcoin re-test and break through the US$70k barrier.

Bitcoin price is back on the warpath following a relatively indifferent couple of months. The crypto world’s most recognisable coin has rallied nearly 10% over the past week, pushing its price to US$67.5k (AU$100k). It’s Bitcoin’s highest value since July earlier this year.

Investors are now split on whether the current run will see Bitcoin re-test and break through the US$70k barrier (AU$104k), or if the ranging market will continue for the foreseeable future.

According to the CIO of Bitwise, we won’t have to wait long to find out.

Both inside and outside the financial sphere, the upcoming US election is set to shake up the world in one way or another. As always, the lengthy campaign trails are half politics, half theatre, and the show is finally coming to its thrilling conclusion.

Many have speculated that the outcome of the US election will have a significant impact on cryptocurrency. This is largely due to Republican candidate Donald Trump’s position as the “crypto president”, promising several pro-digital asset reforms such as the removal of Gary Gensler and the implementation of a US Federal Bitcoin Reserve.

His opponent, Kamala Harris, has similarly promised progressive reform, even if a Democratic win is unlikely to be as bullish in the short term.

It’s a common belief among the community that crypto markets would remain dulled until the US election was decided, at which point we might finally see a breakout.

However, Bitwise CIO Matt Hougan believes that investors aren’t truly waiting to see the next US President before jumping back into Bitcoin. In a recent blog post, Hougan argues that investors are looking for any excuse to re-enter positions in BTC, such is the global positive sentiment.

Bitcoin’s rally this week was largely driven by Kamala Harris unveiling new regulatory reforms for the crypto market centred around minorities. In reality, there weren’t really any reforms to unveil – Harris simply pledged to support Black Americans who owned digital assets by constructing a regulatory framework.

Kamala Harris just uploaded her 5-part "pathbreaking" plan for black men. It includes legalizing recreational marijuana, helping black men invest in crypto, launching a "National Health Equity Initiative," loans, and training black men to become teachers. https://t.co/NEEOsbQ8st pic.twitter.com/5P6JPeQ676

No details of that framework were revealed.

And yet, the crypto market shot up like a rocket, with US$5b (AU$7.5b) being added to Bitcoin’s cap in barely a day – and US$500m (AU$750m) poured into BTC ETFs.

According to Hougan, this demonstrates the ravenous investor appetite for crypto, and in particular, Bitcoin. Previously, he believed a Republican win was necessary for BTC to reach a new all-time high and push past US$80k (AU$119k) in 2024. However, after the events earlier this week, he’s become even more bullish.

With both US presidential candidates promising regulatory reform in the digital asset space, Bitcoin could’ve stamped its one-way ticket to six figures on Monday

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