Bitcoin price surges to $67k on speculation of Trump presidency and improved regulation

From Investing.com

October 17, 2024 1:26:51 AM:

Bitcoin’s price surged near three-month highs fueled by speculation of a second Trump presidency, improved regulation, and increased capital inflows. It reached $67,328.4, breaking out of a $50,000 to $65,000 range. Vice President Kamala Harris’ pledge for regulatory framework boosted broader crypto prices. Mt Gox’s postponed token return also supported Bitcoin.

Speculation of Trump’s reelection boosted Bitcoin, with online platforms showing his odds at 58.4%. Despite polls favoring Harris, the race remains close. Trump’s pro-crypto stance and acceptance of crypto donations contrast Harris’ recent focus on creating a regulatory framework for the industry.

A stronger dollar limited further Bitcoin gains, as traders anticipated a slower pace of interest rate cuts by the Federal Reserve. U.S. economic data and ECB rate cuts are awaited for more direction. Altcoins mirrored Bitcoin’s gains, with Ethereum reaching $2,631.21. Dogecoin rose, while XRP and Litecoin dipped slightly. Shiba Inu gained 5.4% among meme tokens.

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