Investing.com– rose on Wednesday and was within spitting distance of record highs as positioning around the upcoming presidential election spurred sharp gains across cryptocurrency markets.
The rose 1.2% to $72,055.0 by 08:55 ET (12:55 GMT), slightly below a lifetime high of $73,798.
Bitcoin boosted by Trump trade
Recent gains in Bitcoin and crypto markets were driven chiefly by increased speculation that Donald Trump will beat Kamala Harris in the upcoming presidential election, with voting set for November 5.
This trade picked up in recent weeks as prediction markets largely favored a Trump victory, while polls pointed to a tightly contested election. Analysts said the election was still too close to call.
Trump has presented a largely pro-crypto stance in his campaigning efforts, vaguely promising friendlier regulation and vowing to make America the Bitcoin capital of the world.
