According to on-chain data, Bitcoin, the biggest cryptocurrency in the world, flirted with reaching its highest point ever on October 30, reaching as near as $72,480 at 6 a.m. London time. The token, which has risen 73% this year and is now far ahead of gold and stocks in terms of returns, reached near its all-time high of $73,798 achieved in March.
U.S. Bitcoin ETFs Record Massive Daily Inflow
Additionally, according to Bloomberg data, US Bitcoin exchange-traded funds (ETFs) recorded their third-highest daily inflow of $870 million on October 29. It further stated that the aggregate subscriptions in the 12 funds—which include those offered by Fidelity and BlackRock—have topped $23 billion.
Additionally, in a letter, Nick Forster, the creator of the cryptocurrency trading site Derive.xyz, stated that he believes there is a “one-third chance” that Bitcoin options will see price increases of more than 10% on election day (November 5).
Ripple Effect From U.S. Election
The increased demand for Bitcoin exposure is attributed by some observers to Republican nominee Donald Trump’s high odds in election betting markets. During his campaign, he adopted digital assets, transforming the token into a so-called Trump trade.
Polls indicate that Trump and Democratic vice presidential nominee Kamala Harris, who has promised to support a regulatory framework for the crypto business, are in a close race, despite Trump’s lead in prediction markets.
Visa Card Extends Support For Cryptocurrencies
In related business news, Visa Inc. is enabling consumers to make deposits into their Coinbase Global Inc. accounts using debit cards that qualify.
“This new development allows for the real-time flow of funds for customers in the US and European Union,” the corporation made public in a statement.
The head of the Visa Direct business for North America, Yanilsa Gonzalez Ore, stated that eligible Visa debit card members can now “take advantage of trading opportunities day and night.”
According to Visa, the company that issues the Coinbase debit card, users will also be able to use their card to cash out their funds from Coinbase to a bank account and purchase cryptocurrencies on Coinbase using an approved debit card.
Conclusion
Bitcoin’s recent brush with its all-time high reflects a strong year for the cryptocurrency, bolstered by several factors including the surge in U.S. Bitcoin ETFs, with $870 million in inflows highlighting robust institutional interest. This rally is also fueled by speculation tied to the U.S. election, with some investors viewing Bitcoin as a “Trump trade” due to his pro-crypto stance.
Additionally, Visa’s expansion of support for crypto transactions on Coinbase signals the growing acceptance of digital assets within traditional finance, potentially easing access and boosting liquidity in crypto markets. As regulatory clarity and mainstream financial support continue to evolve, Bitcoin’s bullish momentum may find even firmer ground. However, the outcome of the upcoming election and broader market dynamics will likely shape the sustainability of this upward trajectory.
Anthony Pedro
Anthony Pedro is a seasoned crypto writer with a deep passion for blockchain technology and digital currencies. With over 4 years of experience in the cryptocurrency space, Anthony has become a trusted voice, offering insightful analysis and commentary on the latest trends, innovations, and market movements. When not writing, he is actively engaged in the crypto community, attending conferences, advising blockchain startups, and experimenting with new projects.