Bitcoin passes US$70k for first time since June
Make us a preferred source
Make us a preferred source on Google
The news: Bitcoin climbed above USD70,000 ($106,000) for the first time since June, as traders speculate about potential outcomes from next week's US election.
The numbers: The digital asset rose around 1% before paring gains at USD69,802 by 11:30am AEDT, according to Bloomberg data.
Bitcoin has risen 66% in 2024, having hit an all-time high of USD73,798 in March.
The context: Bitcoin's latest rally comes with the US election one week away, with both presidential candidates Kamala Harris and Donald Trump adopting a more supportive stance towards cryptocurrencies than US President Joe Biden.
In June, Trump told attendees at a Bitcoin conference in Nashville that if he is elected he would make the US "the crypto capital of the planet", while Harris pledged support for a regulatory framework for cryptocurrencies earlier this month.
Meanwhile, Bitcoin surged in July after Biden ended his re-election campaign, with the sector experiencing a crackdown under his presidency.
The source: Bloomberg
