Bitcoin and the Trump Trade

Bitcoin (BTC) is expected to benefit from “the Trump trade” in the next 105 days leading up to the November elections, according to analysts.

The cryptocurrency, along with select stocks, may gain from the anticipation of a Donald Trump victory, as noted in Monday’s ZeroCap crypto market report. Analysts from ZeroCap stated, “The Trump Trade has become a major catalyst for a sustained move higher from here, with investors going long on energy, banks, and bitcoin.”

Joe Biden Steps Out of Presidential Race

The ZeroCap report highlights that the likelihood of Donald Trump returning to the White House has increased following incumbent President Joe Biden’s announcement to withdraw from the election and his endorsement of Vice President Kamala Harris as his successor. The report mentions that Harris is currently less popular in polls compared to Biden.

The Change in Democratic Party Leadership and Biden’s exit boost the chance for a pro-crypto government by November. The report notes, “Trump has indicated he’ll release Ross Ulbricht, the Silk Road founder serving two life sentences, and aims to enable crypto innovation through looser regulation.”

Kamala Harris-Inspired Memecoin Surges After Endorsement

In the aftermath of Biden’s departure from the presidential race, Kamala Harris has gained support from notable political figures for her nomination, including former President Bill Clinton and former Secretary of State Hillary Clinton.

This significant endorsement has influenced the memecoin market, with a misspelled memecoin inspired by Kamala Harris, named Kamala Horris (ticker: KAMA), soaring over 50% in just 24 hours. Conversely, a misspelled coin inspired by Joe Biden, Jeo Boden (ticker: BODEN), plummeted by 70% during the same timeframe.

Bitcoin also experienced a daily high of $68,400. If this upward momentum is sustained, it could approach its all-time high of over $73,000.