U.S. Unleashes New Iran Sanctions, Targets Oil, Crypto and Trade Networks 
UK Economy Shows Strength as Burnham Gets Early Boost 
China EV Stocks Slide as Door Handle Recall Hits 4.3 Million Vehicles 
Asian Currencies Steady as Dollar Hovers Near Multi-Month Lows 
Wall Street Ends Higher as Crypto Stocks and Materials Rally 
Iran Allows Iraqi Oil Tankers Through Strait of Hormuz 
Asian Stocks Slide as Samsung, Alibaba Lead Tech Selloff 
Indian Sugar Stocks Surge on Tight Supply, Festive Demand 
Gold Hits Three-Month High as Treasury Moves Fuel Rally 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
Dollar Near Multi-Month Lows as Treasury Buybacks Rattle Markets 
Oil Prices Retreat as Markets Await Tougher Iran Sanctions 
Peru Economy Grows 2.6% in Q2 as Private Investment Surges 
Canada Announces Dollar-for-Dollar Retaliation Against 50% U.S. Tariffs 
Unitree Shares Plunge 45% After Blockbuster IPO, Raising China Tech Bubble Fears 
China opens new Arctic trade route – but obstacles will prevent its wider use 
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Bitcoin Hits New Heights Amid Trump Election Speculation
On Monday, Bitcoin's price surged, briefly reaching a three-month high of $69,007.1, as speculation grows around Donald Trump's potential victory in the upcoming 2024 elections. The world’s largest cryptocurrency is now within $5,000 of its all-time high, and surpassing the $70,000 mark could signal a bullish trend.
Trump’s Pro-Crypto Stance Fuels Market Optimism
Recent polls and prediction markets indicate an increasing likelihood of a Trump win over Democratic nominee Kamala Harris. The crypto prediction platform Polymarket shows a 60.7% probability of Trump's victory compared to 39.1% for Harris. Trump's campaign is noted for its pro-cryptocurrency stance, promising to foster Bitcoin's growth in America and even accepting crypto donations.
The potential for a Trump presidency has traders optimistic about more favorable crypto regulations in the U.S., a significant issue in light of recent scrutiny from the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). While Harris has expressed intentions for a regulatory framework for crypto, specifics remain unclear.
Broader Crypto Market Gains
As Bitcoin rallies, other cryptocurrencies are also benefitting. Ether, the second-largest cryptocurrency, rose 3.8% to $2,740.14, nearing a two-month high. Notably, SOL and ADA saw increases exceeding 6%, while XRP and MATIC gained nearly 4%. Among meme tokens, DOGE rose by 4.6%.
Recent data indicates that institutional investors are returning to the cryptocurrency market, further buoying prices as the election approaches. With just over two weeks until the vote, the market is bracing for a tightly contested presidential election.
