Bitcoin surges past $73,500 as US election speculation fuels demand
Bitcoin surged to $73,577 in early Asian trade on Wednesday, just $173 shy of its all-time high of $73,750, as investors closely monitored the upcoming US presidential election.
However, by 10:40 AM, the leading cryptocurrency was trading 2.2% higher around $72,333.
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.
Trump is currently leading in prediction markets, while polls show a close race with Democratic candidate Vice President Kamala Harris. Volatility is expected to be high around Election Day on November 5th.
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View Details»Shivam Thakral, CEO of BuyUcoin, stated that Bitcoin's surge is driven by robust institutional demand, with U.S. Bitcoin ETF holdings hitting a record $66 billion and open interest increasing by $2 billion in just 48 hours.
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