Bitcoin (BTC) Price Rallies 2.3% as the Market Speculates Donald Trump Will Win the 2024 Presidential Race

A report shows that the Securities and Exchange Commission is moving closer to approving exchange-traded funds that track the second most popular crypto token, Ether.

Rising to a seven-week high on Monday, bitcoin gained ground on hopes of friendlier cryptocurrency regulation in the United States, as traders bet on Donald Trump securing a second term in the 2024 presidential race.

The Securities and Exchange Commission is nearing approval of exchange-traded funds that track the world's second-largest crypto token, ether, a move that could herald a warmer regulatory climate, a report showed.

Bitcoin added 2.3% over the past 24 hours to $64,073.60, notching up gains as recent events around Trump helped offset concerns over potential sell-offs from the failed Mt Gox crypto exchange.

A recent assassination attempt on Trump boosted his popularity in the 2024 presidential race against Democratic incumbent Joe Biden. Trump, who was named the Republican nominee on Monday, picked Ohio Senator J.D. Vance as his running mate.

A staunch supporter of the crypto industry, Trump has said he wants to see the future of bitcoin built in the United States. He is also set to address the Bitcoin Conference in Nashville, Tennessee.

A second Trump term could pave the way for a friendlier regulatory outlook for cryptocurrencies in the U.S., especially after a recent clampdown by the SEC and the Justice Department.

The SEC is pursuing legal cases against XRP producer Ripple and crypto exchange Coinbase (NASDAQ:COIN), accusing them of offering unregistered securities.

Ether rose 2.6% to $3,420.75. Among other altcoins, XRP and SOL gained 3% and 2.4%, respectively, while ADA moved in a tight range. Among meme tokens, DOGE rose 4.3% and SHIB gained 7.1%.

Last week, bitcoin slipped as the market's seven-week rally stalled on Friday amid rising concerns over a potential increase in the number of tokens on the market.

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