- Bitcoin’s price surged past $70K on Tuesday.
- The development came amid a tightening election.
- It also coincides with a surge in broader risk-driven markets, especially stocks.
Bitcoin ’s price reclaimed the $70,000 level Tuesday, paring recent losses amid a neck-and-neck U.S. presidential election.
The original cryptocurrency rallied toward its all-time high of $73,780 last week before retreating hastily to a low of $66,964 earlier today as investor sentiment weakened ahead of the polls and the Federal Reserve’s resolution on interest rates later this week.
Bitcoin’s Early Election Gains
According to CoinMarketCap data, Bitcoin’s price reached a daily high of $70,428 on November 5 at 7:35 PM (GMT+3) before giving up slight gains to exchange hands at $69,943 at the time of writing.
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The crypto asset began to rally earlier during the day after increased speculation that Donald Trump would beat Kamala Harris in the presidential race. Polymarket betting data shows the former president as the poll’s favorite, with 61.1% wagers in his favor.
The odds of Trump’s win are also high on Kalshi, a CFTC-regulated prediction market. Kalshi’s $234.98 million betting contract has 56.8% of its wagers in favor of Trump, against Harris’ 43.2%.
Bitcoin’s recent surge could also be driven by a rebound in broader risk-driven markets, especially stocks.
The Dow Jones Industrial Average added 1.1%, while the SP 500 and Nasdaq Composite surged 1.2% and 1.4% in the afternoon trading hours. Large-cap technology stocks like Nvidia (NVDA) gained 2.5% as Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) also rallied.
Stay updated on the recent outflows from spot Bitcoin ETFs:
Bitcoin ETFs Bleed $541M in Second-Largest Daily Outflow Since Launch
Read about Bitcoin mining costs:
Mining 1 Bitcoin Costs $80k? Sorry, This Math Isn’t Mathing
