Bitcoin Jumps to Just Shy of $68K, Highest Since Late July

The price of bitcoin {{BTC}} quickly popped higher during early morning U.S. trading hours on Tuesday, rising to levels not seen since late July.

At press time, the world's largest crypto was trading at $67,500, ahead 3.7% over the past 24 hours and just off its session high above $67,800. The broader CoinDesk 20 Index was up 2.5% over the same time frame, with solana {{SOL}} and cardano {{ADA}} among the index constituents underperforming BTC.

Continued momentum for crypto-friendly Republican presidential candidate Donald Trump might be the behind the rally over the past week, said Standard Chartered analyst Geoff Kendrick in a Tuesday note. The former president now has a 56% chance of winning in November, according to Polymarket, said Kendrick (now 56.9%). It's his highest probability of winning since Joe Biden dropped out as the Democratic candidate.

The odds of a GOP sweep of Congress are also on the rise, Kendrick pointed out. According to his calculations, if Trump wins the presidency, there is a 70% chance he will be dealing with a Republican-led House and Senate.

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