Investing.com – Bitcoin rose and was on the verge of record highs on Wednesday as trading around the upcoming presidential election drove cryptocurrency markets soaring.
The stock was up 2% at $72,456.8 at 01:36 ET (05:36 GMT), just below an all-time high of $73,798.
Bitcoin Boosted by Trump Trade
The recent gains in the Bitcoin and cryptocurrency markets were mainly due to increased speculation that Donald Trump will defeat Kamala Harris in the upcoming presidential election, which will take place on November 5.
The trade has surged in recent weeks as forecast markets largely favored a Trump victory while polls pointed to a closely contested election. Analysts say the election is still too close to call.
In his campaign efforts, Trump has presented a largely pro-cryptography stance, vaguely promising friendlier regulations and vowing to make America the Bitcoin capital of the world.
Trump has also launched his own crypto ventures, with varying degrees of success. His pro-crypto stance is a major reversal from his earlier comments that Bitcoin seemed like a scam.
Harris also recently pledged to introduce a regulatory framework for cryptocurrencies, although she did not provide any clearer details. But her comments sparked speculation that cryptocurrencies would benefit regardless of who wins the election.
Cryptocurrency Price Today: Altcoins Rise, But Some Caution Remains
Cryptocurrency prices rose on Wednesday, although most altcoins posted moderate gains, as anticipation of a flurry of economic readings and central bank meetings prompted some caution.
The world’s No. 2 cryptocurrency rose 0.9% to $2,643.61, while altcoins and rose marginally. lagged, falling 1.1% as investors recorded gigantic gains over the past two weeks.
Among meme tokens, it rose 6.8%, extending recent gains.
However, markets remained cautious, especially with a number of key macroeconomic readings from the United States and the euro zone due in the coming days. The council is also expected to meet next week and potentially cut interest rates by a smaller 25 basis points.
Apart from the United States, China’s top political body is scheduled to meet next week to decide on more budget spending. The Council is to make a decision on interest rates next Thursday and at its meeting next week.
