Bitcoin Surges Close to All-Time High Ahead of U.S. Election
Trading in Bitcoin has seen a significant uptick, with the cryptocurrency trading around $73,000, a level not seen since March. This surge comes as investors pour billions into spot bitcoin exchange-traded funds leading up to the U.S. presidential election.
With Bitcoin approaching its all-time high of $73,798, set earlier this year, the momentum has also boosted the stock price of MicroStrategy, which holds a substantial amount of bitcoin on its balance sheet, reaching a 52-week high.
Other bitcoin-related companies, such as Coinbase Global and MARA Holdings, have also experienced gains in their stock prices. Both MicroStrategy and Coinbase are set to report their earnings in the coming days.
Bitcoin Trading Activity Grows Ahead of U.S. Election
As the U.S. election draws near, trading activity in Bitcoin has intensified. Former President Donald Trump and Democratic Vice President Kamala Harris have both made efforts to engage with the crypto community, contributing to the increased interest in the cryptocurrency.
Since October 11, spot bitcoin ETFs have attracted nearly $4 billion in net inflows, showing a strong demand for these products. Additionally, trading in bitcoin derivatives, including futures and options, has experienced a rise in activity, signaling growing investor interest.
Bitcoin options contracts set to expire after the election have seen a surge in trading, particularly in the $65,000 to $80,000 range. This suggests that traders anticipate Bitcoin prices to reach record highs post-election.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
