Bitcoin Breaks Through $73,000 Mark Amidst Rising Market Sentiment Ahead of US ElectionBitcoin surged to a new high on Tuesday, breaking through the $73,000 mark, as it exhibited a strong upward trend fueled by growing market optimism in the run-up to the US election. According to CoinMetrics, Bitcoin's price increased by 3
Bitcoin Breaks Through $73,000 Mark Amidst Rising Market Sentiment Ahead of US Election
Bitcoin surged to a new high on Tuesday, breaking through the $73,000 mark, as it exhibited a strong upward trend fueled by growing market optimism in the run-up to the US election. According to CoinMetrics, Bitcoin's price increased by 3.8% to around $72,292.10. Earlier, Bitcoin even surpassed $73,601.59, its highest level since March 14th.
The rise in Bitcoin prices triggered a wave of short-covering, further boosting the cryptocurrency's value. Data from CoinGlass revealed that over $113 million in Bitcoin liquidations occurred within the past 24 hours. Shares of cryptocurrency exchange Coinbase (COIN.US) and Bitcoin "whale" MicroStrategy (MSTR.US) both rose over 1% on Tuesday.
Bitcoin has been hovering within a narrow range between $55,000 and $70,000 for several months. Earlier this year, Bitcoin attempted to breach the $70,000 mark multiple times, but those efforts ultimately faltered. However, with the US election voting day fast approaching, bullish market sentiment has gained momentum, providing support for Bitcoin's breakthrough.
Bitcoin's strong performance also benefits from a broader risk-on sentiment in the market. Despite higher interest rates, demand for Bitcoin ETFs has returned, and US stocks hit new highs this month. Zach Pandl, director of research at Grayscale Investments, stated, "There are a lot of things going right for Bitcoin and crypto, including a soft landing for the economy, the Fed cutting rates, and the potential for a change in the regulatory environment in the US, regardless of who wins the election. As long as those trends continue... Bitcoin could continue to hit new highs by year-end."
US Republican candidate and former President Donald Trump has been courting the crypto industry this year, positioning himself as a pro-crypto candidate. Democratic candidate and Vice President Kamala Harris' stance on cryptocurrency is more muted, with the industry divided on the potential impact of her presidency on crypto companies.
The election outcome is widely seen as a key catalyst for Bitcoin prices, but investors have been watching and waiting as the election draws closer. Bitcoin has gained 7% in the past week. The digital asset is currently on track to rise 14% in October, making it the best-performing month so far this year since March.
Bitcoin's breakthrough of the $73,000 mark reflects both positive expectations for the US election outcome and investors' continued bullish sentiment towards cryptocurrencies. As the US election approaches, market volatility will intensify, and Bitcoin's price trend remains somewhat uncertain. Nevertheless, based on current market sentiment, Bitcoin is likely to continue its strong performance and potentially surpass its all-time high in the future.
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