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Bitcoin’s price climbed on Wednesday, nearing a 2-½ month high, fueled by optimism that the 2024 U.S. elections could bring more favorable regulations for cryptocurrencies. The digital asset has also benefited from improving capital inflows, adding momentum to its upward trend.
The world’s largest cryptocurrency appears to have broken free from its long-standing trading range of $50,000 to $65,000, now standing about $7,000 away from reaching new all-time highs.
Adding to positive sentiment, the defunct crypto exchange Mt. Gox extended the timeline for returning stolen tokens to creditors, alleviating some market uncertainty.
As of early trading, Bitcoin had risen 2.3%, reaching $67,099.1.
Bitcoin Boosted by U.S. Regulatory Optimism
Hopes for a clearer regulatory framework have also buoyed Bitcoin this week. Democratic presidential candidate Kamala Harris pledged to introduce definitive cryptocurrency regulations, although specific details have yet to be outlined. Her announcement marked a significant moment for the crypto space, as both major candidates in the U.S. presidential race—Harris and Republican nominee Donald Trump—have shown support for crypto.
Trump’s World Liberty Financial crypto project also launched this week, reportedly raising over $220 million in token sales. Recent polling indicates Trump has gained ground on Harris, boosting expectations that his presidency could further benefit the cryptocurrency sector.
With just three weeks left before the election, the race remains tight, adding an element of uncertainty to Bitcoin’s potential regulatory future.
Crypto Investment Inflows on the Rise
Recent data from digital asset manager CoinShares revealed that crypto investment products saw inflows of $407 million in the week leading up to October 13, with the majority directed toward Bitcoin. This increase follows a slight outflow the previous week, underscoring renewed investor interest in the asset class.
Bitcoin’s positive performance and capital inflows suggest growing confidence in the cryptocurrency, particularly as it approaches significant milestones in both price and regulatory developments.
