Bitcoin Nears Record Highs Amid U.S. Election Speculation, Altcoins See Mixed Gains

Bitcoin surged on Wednesday, approaching its all-time high as investors bet on a potential pro-crypto shift in U.S. policy depending on the outcome of the upcoming presidential election. The world’s largest cryptocurrency rose 2% to $72,456.80, close to its record peak of $73,798.

Bitcoin Rallies on Trump’s Pro-Crypto Position
Bitcoin’s recent gains are largely attributed to increasing expectations that Donald Trump will win the presidential race against Kamala Harris. Trump’s campaign has emphasized a pro-crypto stance, with vague promises of favorable regulations and a vision to make the U.S. the “Bitcoin capital of the world.” This stance marks a shift from Trump’s prior skepticism about Bitcoin, which he had previously labeled as a “scam.” Harris, meanwhile, has pledged to introduce a crypto regulatory framework, signaling some bipartisan support for the industry regardless of the election’s outcome.

Altcoins Show Mixed Performance Amid Economic Caution
Broader crypto markets followed Bitcoin’s lead, although altcoins showed a mixed performance. Ethereum rose 0.9% to $2,643.61, while XRP, MATIC, and ADA logged modest gains. However, SOL slipped 1.1%, reflecting profit-taking by traders after a recent rally. Meme coin Dogecoin stood out with a 6.8% gain, continuing its recent upward momentum.

Despite the overall positive sentiment, investors remain cautious ahead of several crucial economic indicators and central bank meetings. The Federal Reserve is expected to meet next week and may implement a modest 25 basis point rate cut. Additionally, China’s National People’s Congress will convene to discuss further fiscal measures, while the Bank of Japan and the Reserve Bank of Australia will each meet in the coming days to review their monetary policies.