Bitcoin
(BTC)
rose
to
a
three-month
high
on
Monday,
approaching
the
$70,000
level
and
moving
to
within
about
5%
of
its
record
high
of
$73,700
from
last
March.
BTC
advanced
3%
over
the
past
24
hours,
changing
hands
at
$69,800,
while
the
CoinDesk
20
Index,
which
tracks
the
performance
of
20
large-cap
tokens,
managed
a
more
modest
1%
gain
during
the
same
period.
Ethereum’s
ether
(ETH)
was
up
0.5%,
while
native
tokens
of
Polygon
(POL),
Near
(NEAR)
and
Hedera
(HBAR)
dragged
the
index
lower.
-
02:28
Trump
Pumps
DeFi
Token
Sale;
Bitcoin
Price
Jumps
Above
$65K -
01:22
Uptober
Forming
Amid
Rising
Stablecoin
Liquidity
and
Bitcoin
Transactions -
01:01
Bitcoin
Breaks
$64K
While
Gold
Soars -
02:01
Trump-Endorsed
Crypto
Project
Confirms
Plan
for
a
Token;
Bhutan
Holds
Over
$780M
in
Bitcoin
It
was
dogecoin
{DOGE}}
that
defied
the
broadly
lagging
altcoin
market,
surging
10%
during
the
day,
as
the
token
attracted
trader
attention
after
being
mentioned
during
a
Donald
Trump
campaign
event
on
Sunday.
The
largest
and
oldest
market
cap
canine-themed
crypto
has
been
closely
associated
with
Trump
lately
after
Elon
Musk,
who
has
been
increasingly
involved
with
the
Republican
candidate’s
campaign,
proposed
the
“Department
of
Government
Efficiency,”
abbreviated
to
D.O.G.E.,
focused
on
reining
in
U.S.
government
spending.
Excitement
rose
a
bit
further
as
Musk,
following
his
appearance
at
the
Trump
rally,
tweeted
a
meme
of
himself
with
the
DOGE
avatar.
“It’s
a
play
on
Trump’s
popularity,”
Paul
Howard,
senior
director
at
crypto
trading
firm
Wincent,
said
in
a
Telegram
message.
“DOGE
is
now
being
closely
tied
to
the
U.S.
presidential
outcome
by
virtue
of
its
popularity
with
[Elon]
Musk.
Bettors
on
blockchain-based
prediction
market
Polymarket
now
give
a
nearly
66%
chance
for
Trump
to
win
the
U.S.
presidential
election
next
week,
up
from
61%
a
week
ago.
The
crypto
action
happened
as
U.S.
stock
indexes
closed
the
day
higher,
with
the
Dow
Jones
climbingby
0.7%,
while
the
Nasdaq’s
and
the
S&P
500
each
gained
0.3%.
Crude
oil
prices
tumbled
more
than
5%
after
Israeli
airstrikes
against
Iran
didn’t
hit
oil
facilities,
allaying
concerns
of
escalation
in
the
Middle
East.
Bitcoin
setup
mirrors
late
2020
There
could
be
more
gains
ahead,
as
BTC’s
current
setup
resembles
late
2020’s
big
rally
to
all-time
highs,
according
to
Matthew
Sigel,
head
of
research
at
asset
manager
VanEck.
“This
is
a
very
bullish
setup
for
bitcoin
into
the
election,”
Sigel
said
on
Monday
in
an
interview
with
CNBC.
“We
saw
the
exact
same
pattern
in
2020
when
bitcoin
lagged
with
low
volatility
and
once
the
[election]
winner
was
announced,
we
had
a
high
vol
rally
as
new
buyers
came
in,”
he
added.