The price of Bitcoin (BTC) has risen above $70,000 U.S. for the first time since June of this year.
In the last 24 hours, Bitcoin’s price has increased nearly 3% to trade at $71,400 U.S., its highest level since the start of summer and near its all-time high of just under $74,000 U.S.
The price rise comes ahead of the U.S. presidential election on Nov. 5 and with third-quarter financial results of prominent crypto companies on deck, such as MicroStrategy (MSTR).
Bitcoin has largely traded down or sideways since hitting a record high in March of $73,797.68 U.S.
A halving event that occurred in April of this year when the available supply of Bitcoin was reduced by 50% has impacted the price of the largest cryptocurrency by market capitalization.
Since the summer, Bitcoin has largely traded in a range of $55,000 U.S. to $65,000 U.S. However, it appears to now be breaking out of that trading range.
Optimism is building ahead of the U.S. presidential election, with crypto bulls betting on a win by former president Donald Trump, who supports digital assets and tokens.
Additionally, the U.S. Federal Reserve is widely expected to lower interest rates again at the conclusion of its next policy meeting on Nov. 7, which could provide a tailwind to crypto.
Earnings from MicroStrategy and cryptocurrency exchange Coinbase Global (COIN) are each scheduled for Oct. 30 and likely to move the price of Bitcoin.
MicroStrategy’s share price has been rising leading into its third-quarter print and is on a
seven-week win streak. The stock has gained 273% so far in 2024 to trade at $255.34 U.S.
Bitcoin is on pace to end the month of October up 12%. Traditionally, October has been the best month of the year for Bitcoin, leading cryptocurrency fans to label it “Uptober.”
