October 28, 2024October 29, 2024

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

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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 per cent before paring the advance to trade at US$69,840 as at 7.23 am on Tuesday (Oct 29) 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 that it can rally past March’s record of US$73,798, he added.

Trump has vowed to make the US 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 US have attracted about US$3.1 billion in net inflows so far this month.

Bitcoin has jumped 66 per cent in 2024 and lately weathered scaled back wagers on Federal Reserve interest-rate cuts as well as a report of greater US scrutiny of Tether, a linchpin stablecoin for crypto trading. BLOOMBERG

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