Bitcoin Prices Break Past $70,000 To Reach Highest Point Since June
The cryptocurrency market is witnessing a significant rally as Bitcoin prices surged past the $70,000 mark. According to Forbes, this marks the highest value for Bitcoin since early June 2024. The digital currency reached an impressive peak of $71,500 late on October 28th EST, based on data from Coinbase reported by TradingView. Tim Enneking from Psalion highlighted that while such upward trends are expected post-halving events in crypto cycles, external factors like potential U.S. Department of Justice investigations into Tether and upcoming elections could influence future movements.
Bitcoin Price Rises Above $71,000 Ahead of U.S. Elections
Ahead of the impending U.S. elections scheduled for November 5th, Crypto Times reports a notable surge in Bitcoin's price above $71,000, which has resulted in substantial liquidations totaling over $176 million across short positions within just one day. This increase reflects traders' optimism about how election outcomes might impact cryptocurrencies positively regardless of whether Republicans or Democrats win power.
Cryptocurrency Prices Today: BTC Tops $71K; Major Altcoins & Meme Coins Soar
CoinGape highlights today's bullish momentum across major cryptocurrencies with Bitcoin crossing the pivotal threshold at approximately $71k alongside Ethereum regaining ground above its previous resistance levels around the mid-$2600s range during intraday trading sessions today (October 29). Additionally, noted were gains seen among popular meme coins Dogecoin (+15%) and Shiba Inu (+8%), aligning well amidst broader positive sentiment throughout global markets fueled partly by increased inflows observed recently via spot ETFs investments targeting these assets specifically.
Sources:
- Bitcoin Prices Break Past $70,000 To Reach Highest Point Since June
- Bitcoin Price Rises Above $71,000 Ahead of U.S. Elections
- Cryptocurrency Prices Today Oct 29: BTC Tops $71K, Major Altcoins & Meme Coins Soar
- Bitcoin prices surge past $71,000 amid speculation around US election
- Bitcoin price today: surges to near $71k amid election hopes, positive technicals
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