Bitcoin Blasts Off: A Record-Breaking Surge to $73,000 and Beyond

Expectations for the US presidential election… Dogecoin, floated by Elon Musk, surges 15%

Bitcoin once surpassed the $73,000 mark and approached its all-time high (comprehensive)
Expectations for the US presidential election… Dogecoin, floated by Elon Musk, surges 15% 비트코인 FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration picture taken in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo

(San Francisco = Yonhap News) Correspondent Kim Tae-jong = Due to expectations for the U.S. presidential election, the price of the virtual currency Bitcoin has shown a sharp rise every day, and at one point was close to its all-time high on the 29th (local time).

According to Coinbase, a U.S. virtual currency exchange, the price of Bitcoin exceeded the $72,000 level and also exceeded the $73,000 level on this day.

It has been 7 and a half months since Bitcoin surpassed the $73,000 level since last March, when it hit an all-time high.

Bitcoin soared to the $73,600 level at one point on this day, coming close to breaking the $73,800 level recorded on March 13th.

However, profit taking later fell below the $73,000 level as the stock was put up for sale.

At 3:40 PM Eastern US Time (12:40 PM Western Time), the price per Bitcoin was $72,070 (KRW 99.83 million).

Bitcoin was trading in the $60,000 range at the beginning of this month, but is on a steep upward curve, regaining the $70,000 level for the first time in four months the previous day.

This is interpreted to be due to expectations that the new government will adopt a more pro-cryptocurrency policy stance as the US presidential election approaches.

Former President Donald Trump has already revealed his pro-virtual currency stance, and Vice President Kamala Harris also announced that she will establish a system for the virtual currency industry, differentiating herself from the punishment-oriented Biden administration.

Reflecting these expectations, 11 spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded net inflows of about $3.6 billion this month alone.

Bloomberg News reported that options traders are increasing their bets, believing that Bitcoin will reach an all-time high of $80,000 by the end of November, regardless of who wins the presidential election.

In particular, there is analysis that the possibility of former President Trump being elected is driving up the price of Bitcoin.

While Tesla CEO Elon Musk fully supported former President Trump, Dogecoin, which Musk floats, also soared by more than 15% at one point.

Regarding Bitcoin’s price rise, Tony Cycamore of IG Group Australia, an online financial services company, said, “The price is forming in a way that reflects Trump’s election victory.”

He continued by predicting, “If Bitcoin maintains the $70,000 level stably, there is a possibility that it will break the all-time high again.”

taejong75@yna.co.kr
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