Bitcoin rate reached an all-time high amid expectations of Trump’s victory

At the time of this publication (10:02 Moscow time), the cryptocurrency was trading at $74.3, having increased its price by 8% in the last 24 hours, according to data from Coindesk.

Less popular tokens also showed growth. The price of Ethereum rose by 6.7% per day, to $2.6 thousand, and the meme cryptocurrency Dogecoin, by 22.2%, to $0.2.

The price of Bitcoin has been actively growing for several days amid a strong influx of funds into cryptocurrency exchange-traded funds (ETFs) and against the backdrop of the US presidential elections, Bloomberg noted. The cryptocurrency reached an all-time high amid expectations of the victory of Republican candidate Donald Trump, writes the Financial Times.

Trump said on his Truth Social page in May that he had a “very positive” view of cryptocurrency companies and that the United States should become a leader in this area. In July, Trump spoke at the Bitcoin Conference in Nashville, Tennessee, promising to make the United States “the crypto capital of the planet and the Bitcoin superpower of the world.”

Trump’s support for billionaire Elon Musk, who is a popular figure among cryptocurrency enthusiasts, is also having a positive effect on trader sentiment, Arisa Toyosaki, co-founder of crypto derivatives service provider Cega, told Bloomberg. In July-September, Musk made seven contributions to Trump’s presidential campaign, totaling nearly $75 million.

On October 22, Bloomberg reported that options traders expect Bitcoin to rise to $80,000 by the end of November, regardless of the results of the US presidential election. Optimism in the market is also supported by non-political factors, such as further rate cuts by the Federal Reserve and inflation indicators, the agency said.