FX.co ★ Bitcoin soars to record high, driven by US election

What could spark more interest in cryptocurrencies than the US election? While the dollar fluctuates nervously, Bitcoin has calmly gained value, hitting its historical record.

On the Binance exchange, the price of the world’s most famous cryptocurrency confidently surpassed the $74,000 mark, signaling a notable triumph for Bitcoin enthusiasts. The price surged by 10.1% to a record high of $75,000, driven by heightened anxiety surrounding the tight US presidential election.

The last time the market saw such a high value was in March 2024, when Bitcoin reached $73,770. This time, however, even the cryptocurrency seems to be aware of the strategic importance of the election, where any instability can fuel its rally. For now, BTC has retreated to $74,800 but remains impressively stable.

Interestingly, just a month ago, its surge was attributed not to the US election but rather to the broader economic backdrop, driven by Chinese stimulus measures and a potential interest rate cut by the Federal Reserve. Since the beginning of the year, Bitcoin has confidently increased its value by more than 150%, showing no signs of fizzling upside momentum.

Meanwhile, the European Central Bank is far from enthusiastic about the first cryptocurrency. Officials warn that Bitcoin poses risks of poverty and social division, claiming that a speculative bubble is on the verge of bursting, which could lead to significant social costs.

While some call it a bubble, others watch with intrigue as this bubble continues to inflate and set new record highs.