Bitcoin surged to near $71k on election hopes and positive technicals, driving optimism in industry.

From Investing.com

October 28, 2024 8:22:56 PM:

Bitcoin surged to a near five-month high of $71,521.0, up 5% amid speculation of a Republican victory in the upcoming U.S. elections. Positive technical signals and buying by major crypto whales on Binance also contributed to the rally, with the token trading at $70,952.5.

Speculation that Donald Trump will win the election boosted Bitcoin, with online prediction markets and polls favoring Trump over Kamala Harris. Both candidates have pledged crypto-friendly regulation, fueling optimism for the industry regardless of the election outcome.

Bitcoin’s golden cross formation between its 50-day and 200-day moving averages signaled upward movement, putting the token back in sight of a $73,750 record high hit in March. The cryptocurrency had traded rangebound but recent gains pushed it above a $50,000 to $65,000 trading range.

Altcoins like Ethereum, SOL, MATIC, and ADA followed Bitcoin’s rally, with Ethereum rising 5.4% to $2,620.87. Meme token DOGE surged nearly 14% to a five-month high, while other altcoins saw gains between 1.8% and 5%.

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