Bitcoin price today, with Dogecoin surging 15% in response to rising odds of a Trump victory in betting markets. This notable price movement highlights the growing intersection between cryptocurrency and political sentiment, drawing attention from investors eager to capitalize on the latest developments.
 

Bitcoin prices surge past $71,000

The "original meme coin" surged over 15% at the time of writing, with trading volumes increasing by 184% in just 24 hours. Dogecoin ranked as the eighth-most traded cryptocurrency and the leading meme token during this period.

This spike was likely fueled by Elon Musk's eye-catching introduction as the "co-founder of the Department of Government Efficiency" (DOGE) at Donald Trump's rally in Madison Square Garden.

As speculation swirls around the outcome of next week's US elections, Bitcoin prices have surged past the $71,000 mark for the first time since June. The digital currency rose over 2%, hitting $71,310, while other cryptocurrencies like Ether and Dogecoin also saw approximately 4% gains.

Bitcoin's connection to Donald Trump's campaign is significant, as he has openly supported digital assets and pledged to make the US the global hub for cryptocurrency. In contrast, Kamala Harris has advocated for a regulatory framework for digital currencies.

Currently, Trump is leading in prediction markets, though polls indicate a tight race with Democratic candidate Vice President Kamala Harris. Anticipation of high volatility is expected as Election Day approaches on November 5th.
 

DOGE was up with Trump's presidential odds

With Trump's presidential odds on betting markets increasing by the day, investors appeared to be pricing in the likelihood of a ‘DOGE’ department under Musk in the next administration.

DOGE was up over 28% over the month, and 72.82% since 2024 began.

Dogecoin (DOGE) stood out in a generally sluggish altcoin market, soaring by 10% during the day as trader interest surged following its mention at a Donald Trump campaign event on Sunday.

As the largest and oldest canine-themed cryptocurrency, Dogecoin has recently been linked to Trump, particularly after Elon Musk—who has become increasingly involved with the Republican candidate's campaign—proposed the “Department of Government Efficiency” (D.O.G.E.) aimed at reducing U.S. government spending.

Excitement intensified when Musk, after attending the Trump rally, shared a meme featuring himself alongside the DOGE avatar.

"It's a play on Trump's popularity," said Paul Howard, senior director at crypto trading firm Wincent, via Telegram. "DOGE is now closely tied to the outcome of the U.S. presidential election due to its connection with [Elon] Musk."

Bettors on the blockchain-based prediction market Polymarket now estimate a nearly 66% chance of Trump winning the presidential election next week, up from 61% just a week ago.

This crypto activity coincided with a positive day for U.S. stock indexes, with the Dow Jones rising by 0.7% and both the Nasdaq and S&P 500 gaining 0.3%. Meanwhile, crude oil prices fell over 5% after Israeli airstrikes in Iran avoided hitting oil facilities, easing concerns about escalating tensions in the Middle East.

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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.