Bitcoin and Crypto Market Update

Bitcoin rose on Wednesday, nearing record highs, as the upcoming presidential election spurred gains across cryptocurrency markets.

The world’s biggest crypto climbed 2% to $72,456.8 by 01:36 ET (05:36 GMT), just below its all-time high of $73,798.

Bitcoin Boosted by Trump Trade

Recent Bitcoin gains were driven by speculation that Donald Trump will defeat Kamala Harris in the upcoming election on November 5. Prediction markets have largely favored a Trump victory, with polls indicating a tightly contested race.

Trump’s campaign has embraced a pro-crypto stance, promising friendlier regulation and aiming to make the U.S. the Bitcoin capital. This marks a shift from his previous view of Bitcoin as a potential scam.

Harris has also committed to a crypto regulatory framework, but without specifics, leading to speculation that crypto may thrive no matter the election outcome.

Crypto Prices Today: Altcoins Rise, Caution Persists

Broader crypto prices advanced, with most altcoins posting modest gains. Ether rose 0.9% to $2,643.61, while altcoins XRP, MATIC, and ADA gained slightly. However, SOL dropped 1.1% as traders took profits.

Among meme tokens, DOGE surged 6.8%, continuing its recent rally. Nevertheless, caution remains in the market due to impending U.S. and euro zone economic reports. The Federal Reserve is expected to meet next week, possibly cutting interest rates by 25 basis points.

Internationally, China’s leadership is set to discuss fiscal spending, the Bank of Japan will determine interest rates on Thursday, and the Reserve Bank of Australia meets next week.