BTC/USD: Bitcoin Nears Record as Prices Jump Above $73,500 Ahead of US Election

Leading crypto charged higher as markets appear to be pricing in a win for pro-crypto Donald Trump. Record is within reach.

• Bitcoin prices BTCUSD powered near record early Wednesday with traders bidding higher on prospects of crypto-friendly policies and regulations out of the US. The leading coin blasted off to levels above $73,500, just a few hundred bucks shy of the all-time record. Markets appear to be pricing in an election win of Donald Trump — a crypto supporter who has vowed to back policies in favor of digital assets.
• The big push to the upside comes less than a week before the historical event — the US election on November 5. Crypto market enthusiasts are on the edge of their seats in anticipation of the result. And stakes couldn’t be higher — national polls suggest a razor-thin margin between the two candidates. On the other side, Democrat Kamala Harris has pledged to “encourage innovative technologies” like digital assets.
• Regardless of who wins, crypto circles want to see action and, of course, some pump. This said, expect volatility to pick up substantially in the days leading up to the grand event. A word on spot Bitcoin exchange-traded funds. The ETFs pulled in a whopping $870 million on Tuesday, double the average daily rate throughout the month of October. Bitcoin’s market cap crossed $1.4 trillion, giving it a market dominance of 59%.