Reports from digital asset investment firms and financial news outlets

Bitcoin Hits $70,541 as $2.2B Inflows Push AUM to Record $102B Amid US Election Rally

Nov 5, 2024, 05:24 PM

Bitcoin surged past $70,000 as U.S. voters headed to the polls on Election Day, reaching a high of $70,541 and erasing the previous three days' losses. The cryptocurrency market saw significant inflows, with digital asset investment products attracting $2.2 billion from October 26 to November 2, pushing year-to-date inflows to an all-time high of $29.2 billion. Assets under management hit a record $102 billion, with Bitcoin receiving the majority of these investments. Analysts suggest that anticipation of a potential Republican win, particularly a victory for Donald Trump, fueled early-week surges, though shifting polls led to slight outflows by Friday. Historical trends indicate that Bitcoin often gains following U.S. elections; after Trump won in 2016, Bitcoin rose by 2,714%. Some speculate that if history repeats, Bitcoin could reach $2 million by 2025 or hit $100,000 within 52 to 58 days after the election.