October 28, 2024

Cryptocurrency Bitcoin Reclaims $70K In Four Months

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With the U.S. presidential election just a week away, Bitcoin, a cryptocurrency market leader, has recaptured the $70,000 mark for the first time in more than four months.

On the U.S. cryptocurrency exchange Coinbase, the price of each bitcoin rose 2.99% from 24 hours ago to $70,124, exceeding the $70,000 mark for the first time in more than four months since June 7.

Bitcoin rose to the $68,000 range on the 24th and fell to the $65,000 range on reports that U.S. authorities are investigating possible violations of anti-money laundering regulations by stablecoin issuer Tether Holdings.

The inflow of funds into virtual currency is accelerating ahead of the U.S. presidential election on the 5th of next month, with net inflows into digital assets reaching $90 million over the past week.

Option traders are increasing their bets, believing that no matter who wins the presidential election, Bitcoin will reach an all-time high of $80,000 by the end of November, Bloomberg said.

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