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Bitcoin is approaching its all-time high, currently valued at $71,000, just a week before the U.S. elections—a timeframe many traders view as a bullish event for markets, regardless of the outcome. Polls suggest a tightly contested race between Donald Trump and Kamala Harris, adding to market anticipation.
The leading cryptocurrency has risen over 3% in the last 24 hours and 6% over the week, now only 3.6% below its record high of $73,737, which it last reached in March.
This recent price surge coincides with a pivotal week for big tech earnings, as industry giants such as Meta (Facebook’s parent company) (META+0.11%), Amazon (AMZN-0.02%), Alphabet (Google’s parent company) (GOOGL+0.73%), and Microsoft (MSFT+0.14%) are set to report their quarterly results. These earnings could significantly impact the broader financial landscape, potentially influencing Bitcoin’s momentum by providing insights into market sentiment.
Investors keep pouring money into Bitcoin ETFs
Investors continue to bet on Bitcoin ETFs, which has also driven up the price of Bitcoin. According to Bitcoin ETF tracker Farside, the 11 spot Bitcoin ETFs continue to see massive inflows, with aggregated net inflows of $479.4 million on Oct. 28.
On Monday, BlackRock’s (BLK-0.24%) iShares Bitcoin Trust (IBIT+3.01%) (IBIT) attracted the most $315 million in inflows, while the Ark 21Shares Bitcoin ETF (ARKB) received $59 million. Meanwhile, Fidelity’s Wise Bitcoin Origin Fund (FBTC) saw an inflow of 44 million, and the Bitwise Bitcoin ETF (BITB+2.84%) (BITB) followed with just over $38 million.
Other major cryptocurrencies are also surging
Bitcoin’s recent price surge has buoyed the entire cryptocurrency market, sparking notable gains across various digital assets. Ether (ETH), the second-largest cryptocurrency by market capitalization, is trading at $2,600, marking an increase of over 3.6% in the last 24 hours. Additionally, popular memecoins have seen substantial upticks: Dogecoin (DOGE) has jumped by more than 13%, while Shiba Inu (SHIB) is up over 7% in the same period. These gains highlight renewed investor enthusiasm across diverse sectors of the crypto market.
