Investing.com– Bitcoin rose on Tuesday to a near five-month high amid growing bets on a Republican victory in the upcoming U.S. elections, while positive technical signals also provided strength.
initially jumped to a near five-month high of $71,579.0, shrugging off recent concerns over reports stating the U.S. government was probing stablecoin major .
The token curbed some gains to trade at $71,244.0 by 08:02 ET (13:02 GMT). Broader cryptocurrency prices also rallied tracking Bitcoin.
A report from Coindesk attributed the price spike to buying by major crypto whales on Binance during Asian hours.
US election watch buoys Bitcoin
The world’s largest cryptocurrency was boosted largely by growing speculation that Donald Trump will beat Kamala Harris in the upcoming election, with voting set to take place on November 5.
