The Rise of Bitcoin: All-Time High Teased at $72,480

Bitcoin Nears Record High, Outperforms Gold and Equities

Bitcoin, the world’s largest cryptocurrency, showed strong momentum as it approached its all-time high of $74,000 on October 30, reaching as close as $72,480 in London. This marks a significant surge of 73% for the token this year, surpassing the returns of gold and equities.

US Bitcoin ETFs Experience Significant Inflow

US Bitcoin exchange-traded funds (ETFs) recorded their third-highest daily inflow of $870 million on October 29, according to Bloomberg data. The total subscriptions for the 12 funds, which include offerings from BlackRock and Fidelity, have now surpassed $23 billion.

Bitcoin Options Show Potential for Election Day Movement

Nick Forster, the founder of Derive.xyz crypto trading platform, suggested that Bitcoin options have a probability of over 33% to increase by more than 10% on election day, November 5.

Speculation Surrounding US Elections Impact

Analysts speculate that the growing demand for Bitcoin exposure could be linked to prediction markets favoring Republican nominee Donald Trump. Trump’s advocacy for digital assets during his campaign has turned Bitcoin into a potential “Trump trade,” as he leads in the prediction markets against Democratic candidate Vice President Kamala Harris.

Visa and Coinbase Collaboration for Crypto Purchases

Visa Inc. has announced a new collaboration that allows eligible Visa debit card users to deposit funds into their Coinbase Global Inc. accounts. This partnership enables real-time fund transfers for customers in the US and European Union, offering enhanced trading opportunities.

Enhanced Access to Cryptocurrency Markets

Visa debit card holders can now seamlessly buy cryptocurrencies on Coinbase and withdraw funds to their bank accounts using the same card, providing a convenient and efficient way to navigate the crypto landscape.

(Information sourced from Bloomberg)