The world’s biggest cryptocurrency led a rally across crypto markets this week amid increased bets on a Donald Trump presidency, which could herald friendlier crypto regulations in the coming years.
Bitcoin steadied at $72,445.8 by 03:33 ET (07:33 GMT).
The world’s biggest crypto was now trading less than $2,000 away from a record high of $73,798. Bitcoin had hit the peak in March, and had traded largely rangebound ever
since, until October.
The token was trading up nearly 80% so far this year with its gains in October. Recent gains were driven chiefly by increased speculation over a Trump victory, as online prediction markets put him well ahead of Vice President Kamala Harris.
Recent polls, however, posited a tight race, with uncertainty over the November 5 vote weighing on broader risk-driven markets.
Speculation over the election saw Bitcoin exchange-traded funds log their biggest daily inflows since June earlier in the week. Broader crypto investment products also saw strong inflows.
Microstrategy – the world’s biggest listed holder of Bitcoin – outlined a plan to to raise $42 billion in the next three years to buy more Bitcoin.
Chairman and Bitcoin proponent Michael Saylor outlined the plan along with the company’s third-quarter earnings on Wednesday, which fell short of expectations.
Microstrategy (NASDAQ:MSTR) logged a quarterly loss of $1.56 a share, missing expectations for a loss of $0.12 a share.
The firm said it held roughly 252,220 Bitcoin as of September 30.
Broader crypto prices steadied on Thursday, with focus squarely on a string of key economic readings and a Federal Reserve meeting due in the coming days.
World no.2 crypto Ethereum fell 0.1% to $2,649.94, while altcoins Solana, XRP and MATIC fell between 0.8% and 2.6%.
Among meme tokens, Doge fell 2.7% after speculation over the elections drove strong gains this week.
Source: Cryptocurrency - investing.com
