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Bitcoin 'Trump trade' returns 📈

Bitcoin 'Trump trade' returns 📈

Bitcoin ETFs pulled in billions of dollars this week as BTC itself nearly touched $69,000 on Friday. Analysts say the "Trump trade" is back on.

Andrew Hayward
October 19, 2024

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📝 What you need to know

It’s been a very good week for Bitcoin.

The price of the leading cryptocurrency nearly touched $69,000 on Friday for the first time in nearly three months, and is still up over 8% on the week at a current price around $68,225. And Bitcoin ETFs took in over $2 billion this week, per data from Farside, with BlackRock’s ETF claiming more than half of that tally.

What prompted the latest Bitcoin boom? Analysts told Decrypt on Friday that the “Trump trade” is back on, with former President Donald Trump’s improving odds in the ever-nearing election pushing investors to bet on the future of Bitcoin. We’ll see how much more Bitcoin can climb with only a couple weeks left ‘til Election Day.

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