Bitcoin tops US$70,000 for first time since June


Bitcoin is viewed by some as a so-called Trump trade because Republican presidential nominee Donald Trump embraced digital assets during campaigning. — Bloomberg

WASHINGTON: Bitcoin rose past US$70,000 for the first time since June, bolstered by inflows into dedicated exchange-traded funds (ETFs) as well as speculation about potential outcomes from next week’s US election.

The largest digital asset climbed about 1% before paring the advance to trade at US$69,840 as of 7:23am yesterday in Singapore.

Smaller tokens including second-ranked ether also posted modest gains.

Bitcoin is viewed by some as a so-called Trump trade because Republican presidential nominee Donald Trump embraced digital assets during campaigning.

Trump is ahead in prediction markets, while polls show a neck-and-neck race against Democratic candidate vice-president Kamala Harris.

The token drew succour from an overnight rally in stocks and is continuing to “price in a Donald Trump election victory,” Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note.

Bitcoin needs a sustained break past US$70,000 to boost confidence it can rally past March’s record of US$73,798, he added.

Trump has vowed to make the United States the crypto capital of the planet.

Harris has adopted a more measured approach, pledging to support a regulatory framework for the industry. Their positions contrast with a crackdown on the sector under President Joe Biden.

Options traders have increased bets that bitcoin will reach a peak of US$80,000 by the end of November regardless of who wins the election.

Implied volatility around Election Day on Nov 5 is elevated.

Spot-bitcoin ETFs in the United States have attracted about US$3.1bil in net inflows so far this month. — Bloomberg

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