The value of the pioneering digital currency had nudged up to nearly $70,000, or the high mark in June, after nearly $2.4 billion poured into US spot-Bitcoin exchange-traded funds (ETFs) in only six days. A more positive atmosphere towards Bitcoin was also noted after the US presidential debates on 29 September, when both presidential candidates evinced their support for favourable crypto policies, with the Republican Donald Trump being even more pro-crypto, who labelled Bitcoin as a potential ‘Trump trade’, while the Democratic Vice President Kamala Harris promised to develop a regulation-friendly environment for the crypto industry – which would be a U-turn against the approach of the previous administration towards being more hardline.
Non-Bitcoin cryptocurrencies such as Ether and Solana followed suit, and the crypto market enjoyed one of its best weeks since October, with Bitcoin up roughly 10 per cent (its biggest weekly percentage gain since late October). This latest price surge is attributed to the renewed influx of cash into ETFs, which peaked when Bitcoin hit its March all-time high of $73,798. Like any other market, the crypto space tends to experience additional volatility around a major event such as a US election, and the crypto space has seen renewed focus on regulatory outcomes of that event, says market analyst Joe DiPasquale of BitBull Capital.
Source: Yahoo! Finance
