Bitcoin Price Surges Past $70,000 on US Election Speculation
TLDR
- Bitcoin nears all-time high at $73,000, driven by $4 billion inflows into spot bitcoin ETFs.
- MicroStrategy and Coinbase share prices surge, with MicroStrategy hitting a 52-week high.
- Increased interest in bitcoin futures on the CME signals growing derivatives demand.
Bitcoin traded around $73,000 on Tuesday, edging close to its all-time high of $73,798 as investors poured funds into spot bitcoin exchange-traded funds (ETFs) amid rising interest tied to the upcoming U.S. presidential election.
Since October 11, spot bitcoin ETFs have seen net inflows of nearly $4 billion, fueling bitcoin's ascent. Increased demand for spot bitcoin ETFs, which hold actual bitcoin, contributed to the cryptocurrency’s previous peak earlier this year.
The rally lifted shares of bitcoin-focused companies, including MicroStrategy (MSTR), which hit a 52-week high of $267.89, and Coinbase Global (COIN), both reporting earnings tomorrow. Open interest in bitcoin futures on the CME also surged in October, indicating growing interest in derivatives.
You can follow Daba’s reporting on Africa on WhatsApp. Sign up here
Key Takeaways
Bitcoin trading activity is rising as Election Day nears, with options contracts clustered around the $65,000–$80,000 range, suggesting investor optimism post-election. Both U.S. presidential candidates—Republican Donald Trump and Democratic Vice President Kamala Harris—have engaged with the crypto community, adding to the crypto market’s momentum. Activity on Deribit suggests traders expect bitcoin to hover near record highs, highlighting the potential for spot bitcoin ETFs and derivative products to drive significant price action around the election.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.