Bitcoin levels have increased by nearly 22% since September, reaching its highest level in two months, and an analysis of election odds data reported a connection to the odds of a Donald Trump victory.

The cryptocurrency’s recent momentum is closely linked to Trump’s 2024 campaign message, which advocates for more open and favorable crypto regulations. Trump has previously said he would remove SEC Chair Gary Gensler, who was appointed by President Biden and has called for tighter regulation of digital assets to protect investors. In contrast, Trump has positioned himself as a strong supporter of cryptocurrency, advocating for policies that would allow Americans greater freedom in managing and using digital assets.

In July, the Republican Party released a platform outlining its commitment to crypto. “We will defend the right to mine Bitcoin and ensure every American has the right to self-custody of their digital assets, and transact free from government surveillance and control," the party said. 

Trump further reinforced this position at a Bitcoin event that same month, where he pledged to fire Gensler and make the U.S. “the crypto capital of the planet.”

Confidence in Bitcoin has increased, as investors see potential regulatory relief should Trump win the presidency. The pro-crypto sentiment has also contributed to a renewed wave of institutional interest, with Bitcoin Exchange Traded Funds (ETFs) seeing nearly $1.5 billion in inflows this week alone.

“The ETF demand is supporting Bitcoin’s rally, and with the political developments, it’s clear this momentum could persist,” said Billy Farrington, an analyst tracking cryptocurrency markets.

According to CoinDesk, bitcoin’s current price is around $68,450.

A report by Social Capital Markets indicates that the SEC has levied over $7.42 billion in fines against crypto firms since 2013.