Bitcoin hits four-month high amid US election optimism

Bitcoin prices have climbed to their highest value in over four months, rising to as much as $73,500 on Tuesday (Oct. 29). The all-time high of $73,798 was reached on March 14 this year as the broader cryptocurrency market saw widespread gains. The world’s largest cryptocurrency was trading at $73,000, marking a 4.6% increase in the past 24 hours.

An $870 million inflow into spot Bitcoin ETFs—the third-highest daily total since these investment vehicles launched in January—was driven by a $629 million surge into BlackRock’s IBIT fund. The rally provided a boost for smaller tokens like Ether and meme favorite Dogecoin.

Reacting to the news, Bitcoin analyst Tuur Demeester wrote on X: “The 350 million citizens of the Eurozone just experienced a new all-time high for #bitcoin: €67,443.”

The 350 million citizens of the Eurozone just experienced a new all-time high for #bitcoin: €67,443. pic.twitter.com/F4yn3feISZ

— Tuur Demeester (@TuurDemeester) October 29, 2024

This wave of investment in BTC reflects rising optimism about pro-crypto candidate Donald Trump’s potential victory in next week’s presidential election.

According to Polymarket betting odds, Trump leads Kamala Harris with a 67% to 33% advantage, based on over $2.7 billion in wagers.

Crypto trader Peter Brandt, said on X: “The post halving advance may have begun.

“The series of lower highs and lower lows since March has come to an end.”

B I T C O I N $BTC
The 5-month inverted expanding triangle has now been completed
Follow through will be important
The post halving advance may have begun
The series of lower highs and lower lows since March has come to an end pic.twitter.com/lth9fLv0yt

— Peter Brandt (@PeterLBrandt) October 29, 2024

Trump has pledged to transform the U.S. into the world’s crypto capital, while Harris has taken a more measured stance, promising to support a regulatory framework for the industry. Their positions contrast with the stricter approach to the sector seen under President Joe Biden.

The former president has also stated that he would enlist billionaire Elon Musk—a major donor to his campaign—to lead an initiative aimed at reducing government spending. The effort, nicknamed the Department of Government Efficiency, or DOGE, is a nod to the Dogecoin token that Musk has championed.

Additional drivers of the rally include new monetary easing cycles initiated in 2024 by nearly all major Western central banks, along with substantial fiscal and monetary stimulus from China.

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