Bitcoin Nears $74,000: ETF Inflows Surge Amid Election Uncertainty
Mint•5 days ago•
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Bitcoin Nears $74,000: ETF Inflows Surge Amid Election Uncertainty

Market Sentiment
bitcoin
etfs
uselections
cryptocurrency
marketanalysis
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Summary:

  • Bitcoin is nearing its all-time high of $74,000, reaching $72,480 recently.

  • US Bitcoin ETFs saw a record $870 million in inflows, marking the third-highest daily total.

  • Predictions suggest a one-third chance of Bitcoin rising over 10% on election day, November 5.

  • The US elections are influencing Bitcoin demand, with Trump being seen as a positive factor for the cryptocurrency.

  • Visa now allows debit card users to deposit funds into Coinbase, enhancing trading capabilities.

The world's largest cryptocurrency, Bitcoin, is making headlines as it flirts with its all-time high of $74,000. On October 30, Bitcoin reached $72,480, just shy of its peak recorded in March at $73,798. This remarkable achievement reflects a 73% increase in value this year, outpacing both gold and equities.

US Bitcoin ETFs Attract Massive Inflows

In a significant development, US Bitcoin exchange-traded funds (ETFs) recorded their third-highest daily inflow of $870 million on October 29, according to Bloomberg data. The total subscriptions across 12 funds, including those from BlackRock and Fidelity, have exceeded $23 billion.

Nick Forster, founder of the crypto trading platform Derive.xyz, predicts that Bitcoin options have about a one-third chance of rising over 10% on election day, which falls on November 5.

The Impact of US Elections on Bitcoin

The upcoming US elections are creating a buzz in the crypto market. Analysts point out that Donald Trump, the Republican nominee, has increased demand for Bitcoin exposure as he embraces digital assets during his campaign. This has led to Bitcoin being dubbed the “Trump trade.”

While Trump maintains an edge in prediction markets, polls indicate a tight race against Democratic candidate Kamala Harris, who has committed to supporting a regulatory framework for the crypto industry.

Visa and Coinbase Collaborate for Crypto Purchases

In other industry news, Visa Inc. has announced that customers with eligible debit cards can now deposit funds into their Coinbase accounts. This new feature facilitates the real-time flow of funds for customers in the US and the European Union. Visa cardholders can take advantage of trading opportunities around the clock, according to Yanilsa Gonzalez Ore, head of Visa Direct for North America. Customers can also buy cryptocurrencies on Coinbase and cash out their earnings to a bank account using the card.

(With inputs from Bloomberg)

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