- Bitcoin has surpassed the 70,000 USD mark as investors countdown to the U.S. presidential election day and major companies in the cryptocurrency sector prepare to announce their business results.
According to data from CoinMarketCap, the price of bitcoin this morning has increased beyond the 70,000 USD mark, the highest level of the largest cryptocurrency in the world in the past 5 months. In just the past 24 hours, the market price of bitcoin has risen by 2.5%. Thanks to this increase, the market capitalization of bitcoin has also expanded to 1.38 trillion USD.
The latest accumulation period has raised the annual price increase of bitcoin to about 65%. Meanwhile, gold and the U.S. stock index S&P 500 have accumulated 32% and 24%, respectively.
In particular, the U.S. presidential election is attracting significant attention from the cryptocurrency community.
While former President Donald Trump has clearly expressed his support for cryptocurrencies, Vice President Kamala Harris has a more cautious stance. This has caused a divide in the industry regarding the development prospects under each candidate.
According to CNBC, bitcoin is thriving in the context of MicroStrategy, the company holding the most bitcoin in the world, about to announce its business results. MicroStrategy's stock has also seen a streak of 7 weeks of price increases, the longest in 4 years.
According to experts, a new cycle of interest rate cuts from major central banks remains the foundation for this price increase. In addition, analysts also lean towards the possibility of a large influx of capital currently or soon flowing into U.S.-based spot bitcoin ETF funds.
Since the middle of the year, bitcoin has continuously traded within the range of 55,000-70,000 USD. With a series of events happening in the upcoming period such as the election day (11/5) or the interest rate adjustment day of the U.S. Federal Reserve (11/7), bitcoin may be preparing for a breakthrough.
According to CoinMarketCap, CNBC