Bitcoin Breaks $72,000 for the First Time Since April as Interest Grows

Bitcoin has surged past $72,000 for the first time since April, spurred by increased investor interest in cryptocurrency funds and speculation about the upcoming U.S. presidential election. By mid-morning on Tuesday, Bitcoin was trading at approximately $71,920, showcasing a strong rally. This boost has had a positive effect on other popular digital assets like Ether and Dogecoin, which also saw gains.

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Some investors are tying Bitcoin’s rise to election hopes, seeing the cryptocurrency as a favorable asset if Donald Trump wins. Polls indicate a close race, with Trump showing strength in prediction markets as he runs against Vice President Kamala Harris. Many view Trump’s stance as crypto-friendly, while Harris has focused on a balanced approach to regulation.

According to financial experts, if Bitcoin can break above the $70,000 level for a sustained period, it may drive more confidence in the market, potentially pushing it toward its previous record of $73,798.

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Trump’s campaign has highlighted his commitment to establishing the U.S. as a global leader in cryptocurrency, while Harris has proposed a more cautious regulatory framework. With growing anticipation around the election, some traders predict that Bitcoin could hit $80,000 by the end of November, regardless of the election’s outcome. October has already seen record inflows of approximately $3.6 billion into U.S.-based Bitcoin exchange-traded funds, reflecting strong demand from investors.

Despite some market challenges, including regulatory scrutiny and shifts in Federal Reserve rate expectations, Bitcoin has risen 71% in 2024, reinforcing its popularity as an alternative investment.

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Also Read: Federal Reserve Suggests Bitcoin Ban or Tax to Curb Economic Risks