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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