Bitcoin Price Update

Bitcoin’s price fell slightly on Thursday, remaining near three-month highs due to speculation over a potential second Trump presidency, improved regulation, and capital inflows.

Bitcoin slipped 1% to $67,123.0 by 09:53 ET (13:53 GMT), briefly breaching $68,000 earlier this week. The token had reliably broken out of a $50,000 to $65,000 trading range seen throughout most of the year.

Regulatory Outlook

Broader cryptocurrency prices rose on speculation of an improved regulatory environment in the U.S., following Vice President Kamala Harris's pledge for a regulatory framework for the industry.

Bitcoin was also supported by the defunct Mt Gox exchange postponing its timeline for returning stolen tokens to creditors.

Trump Speculation

Recent gains in Bitcoin coincided with growing speculation that Republican candidate Donald Trump may secure a second term. Online betting platforms, like Polymarket, show Trump’s odds at 58.4% compared to Harris’s 41.3%.

While media polls suggest a slight lead for Harris, the race is expected to be tight with three weeks to go. Trump has maintained a pro-crypto stance and accepted donations in cryptocurrency.

Economic Factors

Bitcoin’s ascent faced challenges from a stronger dollar, as traders anticipated a slower pace of interest rate cuts by the Federal Reserve. U.S. retail sales and industrial production data due later on Thursday may provide more insights.

Rate cuts by major central banks remain a focal point, with the European Central Bank expected to announce cuts.

Altcoin Performance

Broader crypto prices were subdued on Thursday. Ethereum remained flat at $2,612.82, while XRP climbed by 1%. However, ADA and SOL fell by 2.7% and 1%, respectively, and MATIC also lost 1%. Meme token DOGE experienced a 3% decline.

Ethereum’s Future Transactions

According to a recent blog post by Ethereum co-founder Vitalik Buterin, Ethereum could potentially process over 100,000 transactions per second (TPS) in the future. This roadmap, known as 'The Surge,' is part of the Dencun upgrade.

Buterin detailed that Ethereum's L1 will focus on being a robust and decentralized base layer, while Layer 2 solutions handle ecosystem scaling. He emphasizes a balanced approach to network optimization, advocating for standardized chain identifiers and improved multi-chain interactions to create a unified ecosystem for users.

Ambar Warrick contributed to this report.