Bitcoin rises past $70,000 for the first time since June, days before US election
2024-10-29

Bitcoin prices have surged above $70,000 for the first time since June, backed by rising inflows into exchange-traded funds (ETFs) and speculation over likely impact of the upcoming US Presidential election.
Also helping this rally is the fact that the US betting market is seeing increased odds of a Trump victory, as checked by Moneycontrol on websites like Betfair, Bovada and BetOnline, while polls show a closer fight against Democratic candidate Vice President Kamala Harris.
Bitcoin is also being called as a 'Trump trade' by some investors due to Donald Trump’s support for digital assets during his campaign. CNBC International quoted Matthew Sigel, Head of digital assets research at VanEck saying, "This is a very bullish setup for bitcoin into the election. We saw the exact same pattern in 2020 where bitcoin lagged with low volatility and then once a winner was announced, we had a high vol rally as new buyers come into this market."
Despite the rally, Bitcoin remains about 5% below its all-time high of around $73,700, reached in early March this year.
Bitcoin is seen as benefitting from a Trump win on better prospects, since his administration is seen as taking a softer line on cryptocurrency regulation.Earlier in September, Donald Trump unveiled a crypto platform - World Liberty Financial - promoted by the Republican nominee and his sons. Called World Liberty Financial, the project is being promoted to help with financial security and hassle-free transaction. The Trump family has, however, not provided much detail about the business, in terms of how it was financed or what purpose would it serve.