Bitcoin price crossed the $71,000-mark for the first time since June on Tuesday, backed by inflows into exchange-traded funds and speculation about the US Presidential Election next week.
The largest digital asset, Bitcoin was up 5 per cent at $71,020, or almost Rs 59,00,000.
Bitcoin hit an all-time high of $73,750 in March and has jumped 70 per cent in 2024.
Riding on its coattails, several other cryptocurrencies saw a rise in their prices, with Ethereum price going up by 5.5 per cent, Dogecoin 15 per cent, and Solana 4 per cent.
The latest swing in Bitcoin fortunes is owed largely to a wholesome endorsement of the currency by former US president Donald Trump, who recently found support from billionaire and crypto enthusiast Elon Musk, and Amazon founder Jeff Bezos.
In an unlikely move on October 25, Washington Post-owner Bezos refused to endorse a presidential candidate, trumping the paper's longstanding legacy of subscribing to a Democrat.
The decision led around 200,000 — around 8 per cent of the total subscriber base – loyalists to cancel the paper's subscription in protest.
According to Bloomberg, Trump is ahead in prediction markets, while polls show a neck-and-neck race against Democratic candidate Vice President Kamala Harris.
In the run-up to the November 5 elections, Trump has vowed to make the US the crypto capital of the planet, while Harris has approached the currency with more trepidation.
Trump earlier said he would approach Musk — a key donor to his campaign — to helm a plan to reduce government spending.
This effort is informally named the Department of Government Efficiency (DOGE), referencing the Dogecoin token that Musk has actively supported, Bloomberg wrote.
The publication said options traders are speculating Bitcoin will reach a peak of $80,000 by the end of November regardless of who wins the election.
Spot Bitcoin ETFs in the US have attracted approximately $3.3 billion in net inflows this month alone.
Image Source: Unsplash
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