Bitcoin is experiencing a significant surge, inching closer to the $70,000 mark just 15 days before the U.S. presidential elections. On this day, the cryptocurrency jumped by 2%, reaching $69,400, stirring excitement among enthusiasts as it nears its all-time high of nearly $74,000, achieved in March.
Market analysts point to an increase in global liquidity as a primary driver behind Bitcoin’s rise. This trend has been notably influenced by recent stimulus measures from China aimed at revitalizing its economy. According to Blockforce Capital, when global liquidity surpasses its average levels, it typically leads to substantial price gains for Bitcoin.
In addition to market dynamics, political factors are also playing a role. Vice President Kamala Harris has committed to advocating for a more transparent regulatory framework for cryptocurrencies, a development seen as beneficial by industry stakeholders after a prolonged period of regulatory uncertainty in the United States.
In a surprising event, former President Donald Trump made headlines by working the fry station at a McDonald’s in Pennsylvania. His unexpected presence not only attracted attention but also ignited discussions regarding his potential cryptocurrency policies should he be re-elected, further fueling interest in Bitcoin as the elections draw closer.
However, not all developments are favorable for the cryptocurrency market. Italy is planning to enhance its digital services tax, a move that could create friction with the U.S. The Italian government intends to increase taxes on major tech firms, such as Meta and Google, without seeking approval from Washington.
As Bitcoin approaches the pivotal $70,000 threshold, the enthusiasm surrounding its potential to set new records reflects a growing appetite for riskier assets as the electoral season intensifies.
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