• Bitcoin price seems to be a clear signal to keep an eye on today as the US election unfolds.
  • As the election voting began, the price of Bitcoin is nearing the $70,000 mark.

As the US election day approaches, the price of Bitcoin is once again aiming to recover the $70,000 mark. Bloomberg analyst Eric Balchunas discussed the potential significance of the flagship cryptocurrency as an indication for the start of the election when it briefly broke over this price level.

According to Bloomberg analyst Eric Balchunas’s X post, Bitcoin price seems to be a clear signal to keep an eye on today as the US election unfolds. During the campaign, he said, this perception was a problem for both Donald Trump and Kamala Harris.

Crypto Centered Election

The whole campaign around this election revolved on Bitcoin and other cryptocurrencies. Since the beginning of the year, Donald Trump has stated his support for Bitcoin and other cryptocurrencies. When asked about Kamala Harris’s stance on Bitcoin, the former president recently said that he would put a stop to it if elected.

However, although bringing up cryptocurrency in the context of other topics, Kamala Harris did not clearly indicate her stance on the matter.

As the election voting began, the price of Bitcoin is nearing $70,000, coinciding with Balchunas’s statement. Similarly, Bitwise’s CIO, Matt Hougan, concurred with the Bloomberg analyst and said that he had been thinking along similar lines. In response, Balchunas made the observation that the price of Bitcoin seemed to be linked to the likelihood of Trump being elected.

With Donald Trump’s chances of winning the elections returning to 60% on Election Day, according to the most recent Kalshi data, this might very well be the case. This news bodes well for the flagship cryptocurrency, given that the former US president is a pro-crypto candidate.

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