Bitcoin Surpasses $70,000, Nears Record High Ahead of U.S. Elections

Oct 28, 2024, 01:54 PM

Bitcoin's price surged past $70,000 on Monday, reaching its highest level since July and approaching its all-time high of nearly $74,000 set in March. The cryptocurrency's recent rally saw it climb from $67,000 on October 26 to over $70,000 on October 28, narrowing the gap to its record high by less than 5%. The upward momentum comes as the U.S. elections approach, with eight days remaining, and has been accompanied by significant gains in cryptocurrency-related stocks such as MicroStrategy, which rose by 10%. Market analysts attribute the rally to increased investor optimism ahead of the election results.