Bitcoin Approaches $70K Amid Record Open Interest and U.S. Election Uncertainty

SUMMARY

Solana (SOL) led gains among top digital assets as risk-on sentiment lifted the crypto market.
Bitcoin rose 1.5% in 24 hours, with growing futures open interest signaling ongoing capital inflows.
Market volatility is increasing ahead of the U.S. elections, with traders speculating on pro-crypto regulatory reforms if Donald Trump wins.

Bitcoin continued rising toward the $70,000 mark on Monday morning in Asia, fueled by market expectations of the U.S. presidential election. The price briefly touched $69,450 before withdrawing to $68,768, with analysts highlighting $70,000 as a key psychological resistance level.

The increased odds of Donald Trump’s triumph are seen as a bullish factor, as his organization is anticipated to advance crypto-friendly policies. Prediction platform Polymarket shows Trump leading with 60% odds, whereas FiveThirtyEight polling puts Kamala Harris slightly ahead at 48.2%. Crypto investors closely observe the decision, anticipating administrative changes if Trump wins.

The surge in bitcoin has coincided with a sharp rise in open interest across futures markets, presently at $40.63 billion—an all-time high. Cash-margin prospects, particularly on the CME, have driven the development, accounting for 40% of total open interest. Higher leverage signals expanded market risk, possibly leading to volatility and liquidations in the coming weeks.

The broader crypto market moreover rallied, with Solana (SOL) jumping over 7% as speculative AI-themed tokens boosted activity. Other major cryptocurrencies, including Ether (ETH), Cardano (ADA), and BNB, posted gains of up to 4%. ApeCoin (Ape) led mid-cap development, rising 21% after launching its native blockchain, ApeChain.

Traders at QCP Capital in Singapore anticipate a favorable macro environment to bolster Bitcoin’s momentum through the election season. Frail inflation in Japan and economic stimulus in China are contributing variables, along with rising U.S. equities and a weakening Japanese yen. Analysts expect these conditions will fortify the “Uptober” story, traditionally a bullish period for bitcoin.

The U.S. Federal Reserve’s meeting after the Nov. 5 election adds another layer of expectation. The market right now anticipates a 25-basis-point interest rate cut, which might further fuel Bitcoin’s rally. With bitcoin gaining 1.5% in the last 24 hours and market sentiment turning risk-on, investors are aiming for a potentially historic run as vital economic and political events converge.