Bitcoin Flat Near Record Highs With Elections in Focus

The world's biggest crypto was now trading less than $2,000 away from a record high of $73,798. Bitcoin had hit the peak in March, and had traded largely rangebound eversince, until October.

Bitcoin steadied on Thursday after a stellar run-up to near record highs this week, with traders now awaiting more cues on the U.S. economy and the presidential elections.

The world’s biggest cryptocurrency led a rally across crypto markets this week amid increased bets on a Donald Trump presidency, which could herald friendlier crypto regulations in the coming years.

Bitcoin was largely flat at $72,445.8 by 03:33 ET (07:33 GMT). It steadied after a session of choppy trading.

Bitcoin’s recent gains were chiefly driven by increased speculation over a Trump victory, as online prediction markets put him well ahead of Vice President Kamala Harris.

Recent polls, however, posited a tight race, with uncertainty over the November 5 vote weighing on broader risk-driven markets.

The world’s biggest crypto was now trading less than $2,000 away from a record high of $73,798. Bitcoin had hit the peak in March, and had traded largely rangebound eversince, until October.

The token was up nearly 80% so far this year with its gains in October.

Speculation over the election also saw Bitcoin exchange-traded funds log their biggest daily inflows since June earlier in the week. Broader crypto investment products also saw strong inflows.

Saylor’s MicroStrategy pans $42 bln capital raise to buy more Bitcoin

Microstrategy - the world’s biggest listed holder of Bitcoin - outlined a plan to to raise $42 billion in the next three years to buy more Bitcoin.

Chairman and Bitcoin proponent Michael Saylor outlined the plan along with the company’s third-quarter earnings on Wednesday, which fell short of expectations.

Microstrategy (NASDAQ:MSTR) logged a quarterly loss of $1.56 a share, missing expectations for a loss of $0.12 a share.

The firm said it held roughly 252,220 Bitcoin as of September 30.

Crypto price today: altcoins steady with Fed cues on tap

Broader crypto prices steadied on Thursday, with focus squarely on a string of key economic readings and a Federal Reserve meeting due in the coming days.

World no.2 crypto Ethereum fell 0.1% to $2,649.94, while altcoins Solana, XRP and MATIC fell between 0.8% and 2.6%.

Among meme tokens, Doge fell 2.7% after speculation over the elections drove strong gains this week.