Investing.com – Bitcoin rose slightly on Thursday and was heading for a sturdy weekly gain as speculation about Donald Trump’s potential victory in the upcoming presidential election sent prices higher.

The world’s largest cryptocurrency hit its highest level since slow July earlier this week amid a storm of positive factors, although gains appeared to be cooling now.

rose 0.7% to $67,733.1 by 00:59 ET (04:59 GMT), after briefly surpassing $68,000 earlier this week.

Bitcoin is heading towards weekly gains

This week, the token gained over 7%, which is the best result since the beginning of September.

Bitcoin has been boosted by a storm of factors, including increased speculation about a Trump victory, while Democratic presidential candidate Kamala Harris also pledged to create a regulatory framework for cryptocurrencies.

Additionally, the sentiment towards Bitcoin was improved by the now defunct Mt Gox exchange, which extended the schedule for returning tokens to creditors by a year. Mt Gox’s Bitcoin distribution – which began in July – was expected to be the main token sales scenario.

Last week also saw an improvement in capital flows into cryptocurrency investment products.

Bets on Trump’s victory boost cryptocurrency

Bitcoin has been boosted by increased expectations of Trump winning the upcoming election. Trump has been seen gaining significantly better odds on online prediction and betting markets such as Polymarket, and a recent Fox News poll also showed him having a slight lead over Vice President Harris.

Other polls, such as a recent Reuters/IPSOS poll, showed Harris with a slight lead over Trump, while most polls showed a tight race.

Cryptocurrency markets welcomed the prospect of a Trump victory, given that he has been largely pro-crypto in the campaigns, even promising to build a future for Bitcoin in America.

Harris’ promises of a regulatory framework also boosted sentiment, although she offered no greater clarity on her plans.

Today’s Cryptocurrency Price: Altcoins Are Losing Steam

While Bitcoin was positive, other major cryptocurrencies lost strength after recent gains.

The world’s No. 2 cryptocurrency fell 0.4% to $2,618.86, but was up 5.7% for the week.

and fell between 0.4% and 4%, but also recorded increases during the week.

Among meme tokens, growth increased by 6.8%.