Bitcoin approaches $70,000 US with speculators eyeing record highs

1 day ago 4

Author of the article:

Bloomberg News

Vildana Hajric

Published Oct 16, 2024 • 1 minute read

A large bitcoin logo can be seen at a cryptocurrency exchange market in Istanbul, Turkey, March 1, 2024. Photo by David Lombeida /Bloomberg

Bitcoin bulls are setting their sights again on the record highs reached in March with optimism building around riskier assets and the looming U.S. elections.

Advertisement 2

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

Unlimited online access to articles from across Canada with one account.
Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on.
Enjoy insights and behind-the-scenes analysis from our award-winning journalists.
Support local journalists and the next generation of journalists.
Daily puzzles including the New York Times Crossword.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account.
Share your thoughts and join the conversation in the comments.
Enjoy additional articles per month.
Get email updates from your favourite authors.

THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.

Create an account or sign in to continue with your reading experience.

Access articles from across Canada with one account
Share your thoughts and join the conversation in the comments
Enjoy additional articles per month
Get email updates from your favourite authors

Article content

“After six months of price consolidation this year, the stage is set for a perfect storm in favor of Bitcoin and other crypto assets,” wrote Blockforce Capital’s Brett Munster. He cited a rise in global liquidity, including from China, which has been offering a raft of stimulus measures in recent days in an attempt to boost its economy.

The original cryptocurrency gained as much as 2.9% to $68,376 US on Wednesday before paring the increase. Bitcoin last traded at $70,000 in July, and reached an all-time high of almost $74,000 in March.

“Global liquidity is on the rise again, with central banks across the world injecting cheap capital into their economies,” Munster wrote. “When global liquidity has exceeded its moving average in the past, it has often coincided with significant upward movements in the price of Bitcoin.”

Adding to the optimism is a pledge this week from Vice President Kamala Harris to support a regulatory framework for cryptocurrencies. The acknowledgment follows years of complaints from the crypto sector that US officials have chosen a path of regulation through enforcement rather than by providing clarity. Former President Donald Trump has actively sought crypto voters during the current presidential race versus Harris and has several ongoing crypto-related endeavors.

Article content

*** Disclaimer: This Article is auto-aggregated by a Rss Api Program and has not been created or edited by Bdtype.

(Note: This is an unedited and auto-generated story from Syndicated News Rss Api. News.bdtype.com Staff may not have modified or edited the content body.

Please visit the Source Website that deserves the credit and responsibility for creating this content.)

Watch Live | Source Article