Bitcoin Price Soars to $71,000: Traders Eye $80,000 Milestone by November

Bitcoin has surged past the $71,000 mark for the first time since June, driven by a combination of inflows into dedicated exchange-traded funds (ETFs) and heightened speculation surrounding the upcoming US presidential election12.

The largest digital asset climbed more than 2%, reaching $71,310 as of Tuesday morning in Singapore3. This rally has been bolstered by an overnight surge in stock markets and increasing bets on the potential outcomes of the election. Options traders are now speculating that Bitcoin could reach $80,000 by the end of November, regardless of the election’s outcome.

Market analysts attribute part of this surge to the so-called “Trump trade,” as Republican presidential nominee Donald Trump has openly embraced digital assets during his campaign. Trump, who is currently leading in prediction markets, has promised to make the US the crypto capital of the world if elected. In contrast, Democratic candidate Vice President Kamala Harris has taken a more measured approach, advocating for a regulatory framework for the industry.

Bitcoin tops $71,000 for first time since June as election nears

Traders have increased bets that it will reach $80,000 by the end of Novemberhttps://t.co/ThehR2vrnh

— Gulf News Business (@GulfNewsBiz) October 29, 2024

The election’s impact on Bitcoin is further amplified by the candidates’ differing stances on cryptocurrency regulation. Under President Joe Biden, the sector faced increased scrutiny, whereas Trump has vowed to reduce government spending and foster a more crypto-friendly environment.

As election day approaches, implied volatility around Bitcoin remains elevated, reflecting the market’s uncertainty and anticipation. Spot-Bitcoin ETFs in the US have attracted approximately $3.3 billion in net inflows this month alone, underscoring the growing investor interest.

With Bitcoin already up 70% in 2024, the coming weeks will be crucial in determining whether it can sustain this momentum and potentially break its previous record of $73,798 set in March.

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