Investing.com– Bitcoin’s price surged on Tuesday, hitting its highest level in nearly five months amid growing bets on a Republican victory in the upcoming U.S. elections, although positive technical signals also provided strength.
rose as much as 5% to a nearly five-month high of $71,521.0, shrugging off recent concerns over reports stating the U.S. government is investigating a major stablecoin exchange.
The token trimmed some of its gains and reached a price of $70,952.50 by 01:27 ET (05:27 GMT). Broader cryptocurrency prices have also surged while tracking Bitcoin.
The Coindesk report attributes the price boost to purchases by major cryptocurrencies on Binance during Asian hours.
The US election watch is supported by Bitcoin
The world’s largest cryptocurrency was largely boosted by growing speculation that Donald Trump will defeat Kamala Harris in the upcoming election, with the vote taking place on November 5.
Online prediction markets favored a Trump victory, and recent polls also showed Trump gaining ground over Harris.
Trump campaigned on promises of cryptocurrency-friendly regulations, which may bode well for the industry in the US
However, Harris also recently pledged to introduce a regulatory framework for cryptocurrencies, prompting bets that the crypto industry will benefit regardless of the election outcome.
Bitcoin forms a golden cross, record highs close
Sentiment towards Bitcoin was also strengthened by the formation of a golden cross between the token’s 50-day and 200-day moving averages. A golden cross is formed when an asset’s short-term moving average exceeds its long-term moving average and usually heralds an boost in prices.
Tuesday’s gains pushed bitcoin back to its record high of $73,750 in March.
The world’s largest cryptocurrency has mostly traded since hitting up-to-date highs in March, although its recent gains have placed it well above the $50,000 to $65,000 trading range seen for much of the year.
Cryptocurrency Price Today: Altcoins Track Bitcoin’s Rise
Broader cryptocurrency prices rose on Tuesday, tracking Bitcoin’s forceful gains. , the world’s largest altcoin, rose 5.4% to $2,620.87.
Other altcoins SOL, MATIC and ADA rose between 1.8% and 5%, while among meme tokens DOGE rose almost 14% to a five-month high.
