Investing.com – Bitcoin was steady on Thursday after a stellar run to near-record highs this week, as traders now await more signs on the U.S. economy and the presidential election.
The world's largest cryptocurrency led a rally in crypto markets this week amid higher stakes on a Donald Trump presidency, which could portend friendlier crypto regulations in the coming years.
it was little changed at $71,855.0 as of 09:40 ET (13:40 GMT).
Bitcoin near all-time highs with elections in focus
The world's largest cryptocurrency was now trading less than $2,000 from an all-time high of $73,798. Bitcoin had peaked in March and had always traded largely within a range
from, until October.
The token is up almost 80% year-to-date with its gains in October. The recent gains were mainly due to increased speculation about a Trump victory, as online prediction markets put him well ahead of Vice President Kamala Harris.
However, recent polls suggested a tight race, with uncertainty over the Nov. 5 vote weighing on broader risk-driven markets.
Election speculation caused Bitcoin exchange-traded funds to record their largest daily inflows since June earlier in the week. Broader cryptocurrency investment products also saw strong inflows.
Bitcoin and Gold Could See More Advantages in a Trump Victory Scenario
JPMorgan strategists said in a note on Thursday that Bitcoin and gold may see notable gains if former President Donald Trump wins the upcoming US election, as retail investors increasingly turn to “downgrade trading” when investing in these assets. This strategy, intended to protect against possible currency devaluation, is gaining momentum among retail investors in the run-up to the election.
“Retail investors appear to be embracing 'debasement trading' even more strongly by purchasing bitcoin and gold ETFs,” the bank noted, noting that spot Bitcoin ETFs have seen strong inflows. October has already contributed $4.4 billion to the Bitcoin Spot ETF, making it the third month with the largest net inflows since its introduction in January.
JPMorgan also highlighted growing interest in AI-based memes and tokens, which have recently outperformed in market capitalization. Meanwhile, in the gold market, retail inflows into gold ETFs remain stable, although institutional investors are acting cautiously and curbing new positions in futures.
“There could be a further rise for bitcoin and gold prices in a Trump victory scenario,” JPMorgan said, suggesting such an outcome could drive greater retail interest in assets seen as hedges against currency devaluation.
Saylor's MicroStrategy Plans to Raise $42 Billion Capital to Buy More Bitcoin
Microstrategy, the world's largest publicly traded Bitcoin holder, outlined a plan to raise $42 billion over the next three years to buy more Bitcoin.
President and Bitcoin advocate Michael Saylor outlined the plan alongside the company's third-quarter earnings on Wednesday, which fell short of expectations.
Microstrategy (NASDAQ 🙂 posted a quarterly loss of $1.56 per share, missing expectations of a loss of $0.12 per share.
The company said it held approximately 252,220 Bitcoin as of September 30.
Crypto Price Today: Altcoins Silenced With Fed Signals Available
Broader cryptocurrency prices stabilized on Thursday, with attention squarely on a number of key economic readings and a Federal Reserve meeting scheduled for the coming days.
The world's No. 2 crypto fell more than 2% to $2,620.94, while altcoins fell between 0.6% and 1.7%.
Among meme tokens, they rose marginally after election speculation led to strong gains this week.
Ambar Warrick contributed to this report.
