Bitcoin once again topped $70,000 as Election Day approached

As the US presidential election enters its final stretch, crypto assets are mostly up, boosted by speculation about the outcome of the election. On Tuesday (October 29), Bitcoin rose above $70,000 for the first time since June.

TradingView data showed that bitcoin prices rose to $71,462 as of 10:24 a.m. Tuesday, up more than 3 percent in 24 hours before a slight pullback. Smaller tokens such as Ethereum and Dogecoin also rose.

According to Bloomberg, IG Australia analyst Tony Sycamore noted that Bitcoin benefited from the overnight stock market rally, with the upward trend continuing to "reflect expectations of a Trump victory." He believes Bitcoin needs to consistently break above $70,000 to be confident it can surpass the record of $73,798 set in March.

U.S. Republican presidential candidate Donald Trump has vowed to make the United States a global leader in cryptocurrencies, while Harris has taken a more cautious approach, pledging to support a regulatory framework for the industry. But both positions stand in stark contrast to the Biden administration's crackdown on the field.

Options traders have increased their bets that bitcoin will peak at $80,000 by the end of November. Spot Bitcoin exchange-listed funds (ETFs) in the US have attracted net inflows of about $3.1bn so far this month.

Bitcoin has risen 66% this year, outpacing the 38% rise in spot gold.