“Bitcoin is currently being used as a liquid proxy to hedge a Trump win,” which was previously seen as “underpriced,” according to an analyst.
Bitcoin’s current rally may be part of a wider bet on former President Donald Trump’s victory, which could lead to a “sell the news” event after the election.
The Bitcoin (BTC) price rose above $73,600 on Oct. 29 reaching its highest level since March 2024, just $200 shy of a new all-time high.
BTC/USD, 1-year chart. Source: Cointelegraph
