Bitcoin prices are hovering at their highest levels since late July. Experts predict bitcoin could hit $150,000 by the end of the year if Donald Trump wins the election.
Bitcoin's price has surged past $68,000, hitting its highest level since July and sparking a rally across the cryptocurrency industry, according to data from CoinMarketCap. Bitcoin is now just 8% away from its all-time high of $73,750.
After falling below $59,000 last week due to higher-than-expected September inflation data, bitcoin began to reverse course and rebounded to $65,000 earlier this week. With this uptick, the market capitalization of the world's largest cryptocurrency has expanded to $1.344 trillion.
Bitcoinâs rally has also provided a boost to the broader digital asset market. Retail bitcoin investors have remained on the sidelines even as institutional demand has pushed the digital currency to near record levels, Bloomberg reported, reflecting a lack of FOMO (fear of missing out) among retail investors.
The recent surge in the cryptocurrency market comes after US Vice President Kamala Harris, the Democratic presidential candidate in Novemberâs election, pledged to support a regulatory framework for the industry.
The move has raised hopes for a more crypto-friendly regulatory approach in the US.
Harris's opponent, Donald Trump, has also supported the digital asset industry. Standard Chartered Bank expressed optimism about the future of bitcoin, predicting that the cryptocurrency could set a new record high before the upcoming US presidential election.
Experts from the bank also predict that bitcoin could surpass the $100,000 mark and even reach $150,000 by the end of this year if Donald Trump wins the election.
One of the reasons bitcoin has surged 53% this year is the launch of several bitcoin spot ETFs in January, which attracted new investors. This month, investors poured about $1.4 billion into US bitcoin spot ETFs.
TheoCoinMarketCap, CNBC