As the U.S. presidential elections approach, Bitcoin is gaining momentum, moving toward the $70,000 mark. On October 21, Bitcoin jumped 2% to reach $69,400, creating excitement among crypto fans as it nears its all-time high of nearly $74,000 from March.
Analysts attribute this surge to increased global liquidity, particularly from China’s recent stimulus measures aimed at boosting its economy. Blockforce Capital noted that when global liquidity exceeds its average, it typically leads to significant price increases for Bitcoin.
Additionally, Vice President Kamala Harris has promised to support a clearer regulatory framework for cryptocurrencies, a welcome change for the sector after years of uncertainty in U.S. regulations.
In a notable twist, former President Donald Trump surprised onlookers by working the fry station at a Pennsylvania McDonald’s. His unexpected appearance drew a crowd and sparked discussions about his potential cryptocurrency policies if re-elected, potentially boosting interest in Bitcoin as the elections near.
However, not all news is positive. Italy plans to strengthen its digital services tax, which could create tensions with the U.S. The Italian government intends to raise the tax on major digital companies like Meta and Google without Washington’s approval.
As Bitcoin approaches the $70,000 level, the excitement surrounding its potential to reach new highs reflects growing optimism for riskier assets ahead of the elections.
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