Bitcoin, the world’s largest cryptocurrency, approached a record high of $74,000 on October 30, reaching $72,480 early in London trading hours, Mint reports.
This marks a year-to-date rise of 73%, outpacing traditional assets like gold and equities. Market activity around Bitcoin has intensified with significant ETF inflows and heightened speculation tied to the upcoming US presidential election.
The United States Bitcoin exchange-traded funds (ETFs) attracted $870 million in net inflows on October 29, marking their third-highest daily influx on record, according to Bloomberg. This strong demand for Bitcoin-focused ETFs, including those managed by BlackRock and Fidelity, has brought total subscriptions across 12 US Bitcoin ETFs to over $23 billion.
The approaching election is adding to market volatility, with investors keeping a close eye on the performance of Bitcoin as a so-called “Trump trade.” Republican candidate Donald Trump’s campaign has leaned toward digital assets, which some investors see as boosting demand for Bitcoin amid political uncertainty. Meanwhile, Democratic candidate and current Vice President Kamala Harris has committed to supporting a structured regulatory approach for the cryptocurrency sector, making the race a potential tipping point for future digital asset policy.
On the trading front, crypto analyst Nick Forster of Derive.xyz noted that Bitcoin options point to a one-in-three chance of a significant price movement of over 10% on election day, as market participants brace for potential shifts in the regulatory environment.
In broader cryptocurrency industry news, Visa Inc. has expanded its services with Coinbase Global Inc., enabling US and European Visa debit cardholders to deposit funds directly into their Coinbase accounts. Yanilsa Gonzalez Ore, head of Visa Direct for North America, noted this allows users to buy and sell cryptocurrency 24/7 and to transfer funds back to their bank accounts. This new feature aims to provide investors more flexibility in seizing trading opportunities in real time.
