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Sujit Kumar
Oct 29, 2024
by Sujit Kumar

Bitcoin Hits $70K as Crypto Market Eyes Election and Earnings Reports

Bitcoin Hits $70K

Table of contents

  1. Election Could Reshape U.S. Crypto Policy
    1. Record Campaign Contributions from Crypto Sector
On Monday evening, Bitcoin surged briefly above $70,000, fueled by excitement around the upcoming U.S. election and an anticipated earnings report from MicroStrategy, the largest corporate Bitcoin holder. As a result, crypto-linked stocks like MicroStrategy and Coinbase also saw positive momentum. MicroStrategy shares gained nearly 9%, closing at their highest price since March, while Coinbase stock experienced a 5% increase.

Both companies are set to release new earnings reports this week, with market analysts increasingly optimistic that Bitcoin will surpass its March high of $73,797 by year’s end. This confidence is partly driven by the potential for U.S. Federal Reserve interest rate cuts following the presidential election, adding to Bitcoin's appeal as a hedge.

Election Could Reshape U.S. Crypto Policy

The 2024 election could prove pivotal for cryptocurrency regulation, with the possibility of a new head at the U.S. Securities and Exchange Commission (SEC) and policy shifts that could benefit the $2.49 trillion industry. Former President Donald Trump, once critical of digital assets, has recently endorsed Bitcoin, pledging to establish the U.S. as the “crypto capital” if elected. Trump’s campaign promises include replacing current SEC Chair Gary Gensler with a crypto-friendly leader and advocating for regulatory clarity, which has led the crypto industry to back him significantly.

Record Campaign Contributions from Crypto Sector

A Public Citizen report revealed that the crypto industry has invested a record $119 million in election-related efforts this year. With Trump’s endorsement of Bitcoin and commitment to key crypto goals, the sector's financial backing could continue to grow as crypto leaders look to influence policy for the future.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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MicroStrategy Bitcoin Bitcoin Hits $70K
Bitcoin Hits $70K as Crypto Market Eyes Election and Earnings Reports
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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