Bitcoin Price Reclaims $70K Amid Tightening U.S. Presidential Elections
- Bitcoin’s price surged past $70K on Tuesday.
- The development came amid a tightening election.
- It also coincides with a surge in broader risk-driven markets, especially stocks.
Bitcoin ’s price reclaimed the $70,000 level Tuesday, paring recent losses amid a neck-and-neck U.S. presidential election.
The original cryptocurrency rallied toward its all-time high of $73,780 last week before retreating hastily to a low of $66,964 earlier today as investor sentiment weakened ahead of the polls and the Federal Reserve’s resolution on interest rates later this week.
Bitcoin’s Early Election Gains
According to CoinMarketCap data, Bitcoin’s price reached a daily high of $70,428 on November 5 at 7:35 PM (GMT+3) before giving up slight gains to exchange hands at $69,943 at the time of writing.
Sponsored
The crypto asset began to rally earlier during the day after increased speculation that Donald Trump would beat Kamala Harris in the presidential race. Polymarket betting data shows the former president as the poll’s favorite, with 61.1% wagers in his favor.
The odds of Trump’s win are also high on Kalshi, a CFTC-regulated prediction market. Kalshi’s $234.98 million betting contract has 56.8% of its wagers in favor of Trump, against Harris’ 43.2%.
Bitcoin’s recent surge could also be driven by a rebound in broader risk-driven markets, especially stocks.
The Dow Jones Industrial Average added 1.1%, while the S&P 500 and Nasdaq Composite surged 1.2% and 1.4% in the afternoon trading hours. Large-cap technology stocks like Nvidia (NVDA) gained 2.5% as Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) also rallied.
Stay updated on the recent outflows from spot Bitcoin ETFs:
Bitcoin ETFs Bleed $541M in Second-Largest Daily Outflow Since Launch
Read about Bitcoin mining costs:
Mining 1 Bitcoin Costs $80k? Sorry, This Math Isn’t Mathing
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
US Senate Republicans pick pro-crypto John Thune as their next leader
Share link:In this post: Senate Republicans chose pro-crypto John Thune as their new leader, replacing Mitch McConnell after 18 years. Thune’s pro-free trade stance puts him at odds with Trump, especially on tariffs, which he warned could lead to inflation. Known for his support of crypto legislation, Thune co-sponsored the Digital Commodities Consumer Protection Act to bring clear regulation to the industry.
BlackRock expands BUIDL with cross-chain integration to spread investment opportunities
Share link:In this post: BlackRock announced the launch of its BUIDL across multiple blockchains on November 13. The tokenized BlackRock USD Institutional Digital Liquid Fund will expand to Aptos, Optimism, Avax, OxPolygon, and Arbitrum. BUIDL was first launched on Ethereum in March of this year, and this initiative represents an evolutionary step in tokenization.
Polymarket CEO Shayne Coplan had phone, electronics seized by the FBI
Share link:In this post: The FBI raided the home of Polymarket’s CEO Shayne Coplan, seizing a phone and electronics. The raid was considered a form of political messaging, despite Polymarket’s transparent nature and self-balancing market that cannot be manipulated. Polymarket continues to function, though with only a fraction of its open interest and daily users.
Liberland launches Space Program to drive technological innovation and global collaboration
Share link:In this post: The Free Republic of Liberland launches its space program. The country wants to pioneer technological advancement and global collaboration. The micronation is creating an open platform where nations and private entities can come together, work freely, and drive progress without the constraints of bureaucracy. The space program seeks to accelerate the development of decentralized, pro-freedom solutions in the space industry.
Trending news
MoreCrypto prices
More
