Bitcoin hits record high near $74,000, ETF inflows continue as U.S. election uncertainty leads to exodus

According to a Bloomberg report, the world's largest cryptocurrency, Bitcoin, approached its all-time high of $74,000 on October 30 and was as high as $72,480 at 6 a.m. in London.

The token was close to its all-time high of $73,798 set in March and has seen a 73 percent increase this year, overtaking gold and stocks in terms of returns.

US Bitcoin ETFs see the third-highest inflows

Additionally, U.S. Bitcoin exchange-traded funds (ETFs) recorded their third-highest daily inflow of $870 million on October 29, Bloomberg data showed. Total subscriptions for the 12 funds, including those issued by BlackRock and Fidelity, together exceeded $23 billion, it said.

And Nick Forster, founder of crypto trading platform Derive.xyz, said in a note that he sees signs that Bitcoin options have a “roughly one-third chance” of rising in price by over 10 on Election Day (November 5). percent to increase. .

Impact of the US elections

Some analysts point to Republican candidate Donald Trump's increased chances in election betting markets for growing demand for Bitcoin exposure. During the election campaign, he used digital assets and turned the token into a so-called Trump trade.

While Trump is ahead in prediction markets, polls show a neck-and-neck race with Democratic Vice President Kamala Harris, who has promised to support a regulatory framework for the crypto industry.

Visa and Coinbase offer crypto purchases via debit cards

Meanwhile, in related industry news, Visa Inc. is allowing customers with eligible debit cards to deposit funds into their Coinbase Global Inc. accounts.

“This new development enables real-time money flow for customers in the United States and the European Union,” the company said in a statement.

Eligible Visa debit cardholders can now “take advantage of trading opportunities day and night,” said Yanilsa Gonzalez Ore, head of Visa Direct business for North America.

Visa, which operates the Coinbase debit card, said customers with an eligible debit card can also purchase cryptocurrencies on Coinbase and withdraw their funds from the platform to a bank account, also through the card.

(With input from Bloomberg)