The price of Bitcoin soared to over $65,000, marking its highest level in nearly two months and reflecting a much-anticipated recovery from a previous dip to $53,000 in September. This surge has reignited investor optimism, particularly as October, often referred to as “Uptober,” is expected to bring further price growth.
In tandem with Bitcoin’s rise, Ethereum, the world’s second-largest cryptocurrency, also experienced a positive uptick, reaching a price of $2,651—up 2% at the time of writing. Similarly, Solana, the fifth-largest cryptocurrency by market capitalization, surged to nearly $160, enjoying a jump of over 5% on Thursday.
The upcoming U.S. presidential election is poised to significantly impact the prices of Bitcoin and altcoins, with both major candidates expressing nominal support for the cryptocurrency industry. Former President Donald Trump has begun accepting political donations in cryptocurrency and lauded the sector’s innovation during his address at the Bitcoin Conference in Nashville. “You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all,” Trump remarked to an audience of crypto executives this summer.
Trump also expressed his admiration for the Bitcoin community, vowing to replace the current head of the U.S. Securities and Exchange Commission, Gary Gensler, with someone more favorable to the crypto industry.
Vice President Kamala Harris has also garnered support from some crypto executives, having recently discussed the potential of the industry. During a fundraising event that raised $27 million, Harris stated her administration would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors.” While many remain optimistic about her plans, there is skepticism regarding whether her approach will diverge significantly from current administration policies.
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