Monday Market Minute | Oct 28, 2024

Bitcoin surges past $65K as US election week approaches

What Moved

Bitcoin rallied above $65,000 in the final week of October, driven by a convergence of institutional ETF inflows and election-related positioning. Both US presidential candidates had made crypto-relevant policy statements, but the Trump campaign's explicitly pro-crypto stance — including proposals for a national Bitcoin reserve — created asymmetric upside expectations. Total crypto market capitalization climbed back above $2.3 trillion.

Why It Matters

The pre-election crypto rally reflected a maturing asset class that was increasingly sensitive to macro and policy catalysts rather than purely speculative dynamics. For Canadian HNW investors, the institutional infrastructure — regulated ETFs, qualified custodians, and portfolio-grade allocation models — made crypto exposure a portfolio construction decision rather than a conviction bet. The question was sizing, not access.

Signal to Watch

Election night volatility in crypto markets would be intense. A Trump victory was widely expected to be crypto-positive; any other outcome would likely trigger a sharp short-term pullback. Long-term allocators needed to distinguish between policy-driven narrative and structural adoption trends.

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