Bitcoin Surges to Two-Week High Amid China's Easing and Trump's Poll Gains
1min read Bitcoin prices have climbed to a two-week high, with speculators rushing into the market, betting that China's easing measures and Trump's rising polls will provide further boosts to Bitcoin.
The price of Bitcoin once rose by more than 2.7% to $64,630. Although the price has dropped back a little, it is still over $63,000.
Caroline Mauron, co-founder of digital asset company Orbit Markets, pointed out that the market is currently taking a cautious wait-and-see attitude towards China's stimulus measures, which could form a positive for Bitcoin. Previously, capital withdrew from Bitcoin and turned to the Chinese stock market, putting pressure on Bitcoin's prices.
In addition to this temporary factor, investors also see the warming poll results of cryptocurrency supporter Trump. Predictions of Trump's market odds have risen again, representing that Trump's election chances have surpassed Harris once more, thereby boosting the bullish sentiment for cryptocurrencies.
Benjamin Celermajer, co-chief investment officer of Magnet Capital, pointed out that the improvement in Trump's polls will enhance the market's confidence in cryptocurrencies. Good news such as the Mt. Gox extension repayment plan will drive Bitcoin to rise more actively.
Last week, the bankrupt Mt.Gox cryptocurrency exchange postponed the deadline for the repayment of its remaining assets' creditors by one year, alleviating investors' concerns about a large influx of Bitcoin into the market, leading to an oversupply.
Mt.Gox expects to return the stolen tokens, mostly Bitcoin, to investors by October 31, 2025. According to Arkhan Intelligence estimates, these assets are equivalent to $2.9 billion.
Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, also emphasized that historical data shows that Bitcoin usually experiences a seasonal strong market in the second half of October.