Growth was facilitated by inflows of funds into Bitcoin ETFs and speculation over the US presidential election.
Bitcoin rose above $72,000 for the first time since June. This was facilitated by an influx of funds into special exchange-traded funds, as well as speculation about the possible outcome of the US election, Bloomberg reported on Tuesday, October 29.
The biggest digital asset rose 3.5% to settle at $71,920 at 11:33 am Tuesday in New York. Smaller tokens such as second-ranked Ether and Dogecoin also rose.
It has been noted that some experts view the Bitcoin situation as a “Trump trade,” since Republican presidential candidate Donald Trump used digital assets during the election campaign.
Trump has promised to make the United States the crypto capital of the planet. Democratic candidate Kamala Harris took a more measured approach, pledging to support industry regulations.
Trump also said he would ask billionaire Elon Musk to lead a push to cut government spending. The effort is called the Department of Government Effectiveness, or DOGE, a reference to the Musk-backed Dogecoin token. Musk’s connection to the Trump campaign helped lift sentiment among traders.
Options traders have increased bets that Bitcoin will reach a high of $80,000 before the end of November, regardless of who wins the election.
As you know, in January the United States took an important step in legalizing Bitcoin. Industry heavyweights BlackRock, Invesco and Fidelity and smaller rivals including Valkyrie were allowed to start trading. After that, the price of the cryptocurrency began to rise rapidly.
Source: korrespondent
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