Bitcoin price today: flat near $72k with Fed cues, elections in focus

Investing.com -- Bitcoin traded flat on Thursday after a stellar run-up to near-record highs this week, with traders now waiting more cues on the U.S. economy and the presidential elections.

The world’s biggest cryptocurrency led a rally across crypto markets this week amid increased bets on a Donald Trump presidency, which could herald friendlier crypto regulations in the coming years.

Bitcoin remained little changed at $71,855.0 by 09:40 ET (13:40 GMT). Bitcoin near record highs with elections in focus

The world’s biggest crypto was now trading less than $2,000 away from a record high of $73,798. Bitcoin had hit the peak in March, and had traded largely rangebound ever
since, until October.

The token was trading up nearly 80% so far this year with its gains in October. Recent gains were driven chiefly by increased speculation over a Trump victory, as online prediction markets put him well ahead of Vice President Kamala Harris.

Recent polls, however, posited a tight race, with uncertainty over the November 5 vote weighing on broader risk-driven markets.

Speculation over the election saw Bitcoin exchange-traded funds log their biggest daily inflows since June earlier in the week. Broader crypto investment products also saw strong inflows. Bitcoin and gold could see more upside in a Trump win scenario

JPMorgan strategists said in a Thursday note that Bitcoin and gold may see notable gains if former President Donald Trump wins the upcoming U.S. election, as retail investors increasingly turn to the “debasement trade” by investing in these assets. This strategy, aimed at hedging against possible currency devaluation, is gaining momentum among retail investors in the lead-up to the election.

“Retail investors appear to be embracing the ‘debasement trade’ in an even stronger manner by buying bitcoin and gold ETFs," the bank noted, pointing out that spot Bitcoin ETFs have seen strong inflows. October has already brought in $4.4 billion to spot Bitcoin ETFs, marking it as the third-highest month for net inflows since their introduction in January.

JPMorgan also highlighted growing interest in meme and AI-based tokens, which have recently outperformed in market capitalization. Meanwhile, in the gold market, retail inflows into gold ETFs remain steady, although institutional investors are exercising caution, holding back on new futures positions.

“There could be additional upside for bitcoin and gold prices in a Trump win scenario,” JPMorgan said, suggesting that such an outcome could drive further retail interest in assets viewed as protections against currency devaluation. Saylor’s MicroStrategy pans $42 bln capital raise to buy more Bitcoin

Microstrategy - the world’s biggest listed holder of Bitcoin - outlined a plan to to raise $42 billion in the next three years to buy more Bitcoin.

Chairman and Bitcoin proponent Michael Saylor outlined the plan along with the company’s third-quarter earnings on Wednesday, which fell short of expectations.

Microstrategy (NASDAQ:MSTR ) logged a quarterly loss of $1.56 a share, missing expectations for a loss of $0.12 a share.

The firm said it held roughly 252,220 Bitcoin as of September 30. Crypto price today: altcoins muted with Fed cues on tap

Broader crypto prices steadied on Thursday, with the focus squarely on a string of key economic readings and a Federal Reserve meeting due in the coming days.

World no.2 crypto Ethereum fell over 2% to $2,620.94, while altcoins Solana , XRP and MATIC fell between 0.6% and 1.7%.

Among meme tokens, Doge rose marginally after speculation over the elections drove strong gains this week.

Ambar Warrick contributed to this report.

Source: Investing.com

Последние публикации
Bybit Strengthens Partnerships and Explores Islamic Finance Innovation at Exclusive Forum
22.11.2024 - 13:00
Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance
22.11.2024 - 10:00
Bitcoin price today: nears $100k milestone on Trump cheer
22.11.2024 - 08:00
Shiba Inu (SHIB) Rocket Fuel Pattern Here, Bitcoin (BTC) Ready for Fundamental Shift at $100,000, Solana's (SOL) Road to $300 Continues
22.11.2024 - 05:00
EOS Climbs 11% In a Green Day
22.11.2024 - 04:00
Bigger Rocket Needed: Michael Saylor Reacts to Bitcoin's Surge Past $98,000
21.11.2024 - 22:00
Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”
21.11.2024 - 20:00
USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products
21.11.2024 - 20:00
Bitcoin critic Gary Gensler to step down from SEC in January 2025
21.11.2024 - 20:00
Ethereum Climbs 10% In Bullish Trade
21.11.2024 - 20:00
Coinshift Launches csUSDL, Announces Strategic Partnerships
21.11.2024 - 19:00
Satoshi Nakamoto Nears Rich Elite as Bitcoin Skyrockets Past $98,000
21.11.2024 - 19:00
'Time Will Tell': Binance Bosses Add Intrigue to Bitcoin Mania at $97,000
21.11.2024 - 19:00
Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero
21.11.2024 - 19:00
Prom Announces Mainnet Launch Bringing Better Blockchain Scalability
21.11.2024 - 19:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?