Republican

Donald Trump

Bitcoin

The price of Bitcoin has just crossed the $70,000 milestone for the first time since June 10 following two strong weeks of inflows into the United States spot Bitcoin exchange-traded funds (ETFs).
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) jumped by 3% in the last day to a high of $70,150 on Oct. 28 before falling back below $70,000, TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP">data</a> shows. 
<figure>
 <img alt="Bitcoin Price, Bitcoin ETF, ETF" src="https://s3.cointelegraph.com/uploads/2024-10/0192d52f-7b0d-7aae-8539-1489c05fc1a2" title="">
 <figcaption style="text-align: center;">
 Bitcoin’s change in price over the 24 hours. Source: TradingView
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</figure>
Its gains come alongside another notable rise in inflows into Bitcoin ETFs. As CoinShares <a data-ct-non-breakable="null" href="https://blog.coinshares.com/volume-206-digital-asset-fund-flows-weekly-report-0be04a4470cf" rel="nofollow noopener" target="_blank" text="null" title="https://blog.coinshares.com/volume-206-digital-asset-fund-flows-weekly-report-0be04a4470cf">reported,</a> Bitcoin funds recorded $920 million in inflows for the week ending Oct. 25, bringing year-to-date inflows to $25.4 billion. 
This followed a large <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/556m-spot-bitcoin-etf-inflows-investors" rel="" target="_self" text="null" title="https://cointelegraph.com/news/556m-spot-bitcoin-etf-inflows-investors">steak of inflows</a> into the 11 US spot-based ETFs for the week ending Oct. 18, accumulating over $2.1 billion in net inflows, <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/#google_vignette" rel="nofollow noopener" target="_blank" text="null" title="https://farside.co.uk/btc/#google_vignette">according</a> to Farside Investors.
Several crypto traders also <a data-ct-non-breakable="null" href="https://x.com/alphatrends/status/1850717870587818281" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/alphatrends/status/1850717870587818281">claim</a> Bitcoin saw a “golden-cross” — a bullish chart pattern in which its 50-day moving average crosses above its 200-day long-term moving average — indicating potential for a price breakthrough.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> GOLDEN CROSS ALERT!🚨 <a href="https://t.co/d9fKlKkWud">pic.twitter.com/d9fKlKkWud</a>— Crypto Rover (@rovercrc) <a href="https://twitter.com/rovercrc/status/1850835397821251791?ref_src=twsrc%5Etfw">October 28, 2024</a>
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/3-signs-bitcoin-parabolic-phase-250k-target-begin" rel="null" target="null" text="null" title="null">3 signs Bitcoin’s 'parabolic phase' with a $250K target is about to begin</a>
Bitcoin briefly fell to a local low of $66,510 on Oct. 25 after reports emerged that stablecoin issuer <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-government-investigates-tether-report" rel="null" target="null" text="null" title="https://cointelegraph.com/news/us-government-investigates-tether-report">Tether was being probed</a> by the US Department of Justice.
However, Bitcoin’s price recovered as Republican candidate Donald Trump has gained over 32 percentage points on Vice President Kamala Harris to take out the Nov. 5 US presidential election, Polymarket <a data-ct-non-breakable="null" href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730150431043" rel="null" target="null" text="null" title="https://polymarket.com/event/presidential-election-winner-2024?tid=1730150431043">data</a> shows.
Trump’s favoritism isn’t reflected in the voter polls though, with FiveThirtyEight Interactive poll showing Harris has a 1.3 percentage point <a data-ct-non-breakable="null" href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/" rel="nofollow noopener" target="_blank" text="null" title="https://projects.fivethirtyeight.com/polls/president-general/2024/national/">lead</a> over the former US president.
Bitcoin’s price has likely benefited from Iran not returning fire at Israel following its Oct. 26 attack. 
Bitcoin is now 5% away from its March 13 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-new-73-6-k-all-time-high-etfs-eat" rel="null" target="null" text="null" title="null">all-time high</a> of $73,679 and is at its highest price since mid-May, pushing above a range-bound trading pattern that has seen it mostly stay between $55,000 and $65,000.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ai-more-power-hungry-bitcoin-profits-pose-risks-bitcoin-miners/" rel="null" target="null" text="null" title="null">AI may already use more power than Bitcoin — and it threatens Bitcoin mining</a>

Bitcoin hits $70K amid huge ETF inflow streak

Cointelegraph

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