Bitcoin teases record high near $74,000, ETF inflow continues as US election uncertainty causes churn

The world's largest cryptocurrency, Bitcoin, teased close to its all-time high of $74,000 on October 30, touching as close as $72,480 as of 6 am in London, according to a Bloomberg report.

The token was close to its all-time peak recorded in March — $73,798 — and has seen a 73 per cent hike this year, galloping ahead of gold and equities in terms of returns.

US Bitcoin ETFs Get Third-Highest Inflow

Further, US Bitcoin exchange-traded funds (ETFs) saw their third-highest daily inflow of $870 million on October 29, Bloomberg data showed. Total subscriptions in the 12 funds, including those issued by BlackRock and Fidelity, have combined exceeded $23 billion, it added.

And Nick Forster, founder of crypto trading platform Derive.xyz, in a note, said that he sees signs of Bitcoin options having around "a one-third chance" of moving over 10 per cent upwards in price on election day (November 5).

Impact of US Elections

Some analysts cite Republican nominee Donald Trump’s elevated odds in election betting markets for the growing demand for Bitcoin exposure. He embraced digital assets during campaigning, turning the token into a so-called Trump trade.

While Trump is ahead in prediction markets, polls show a neck-and-neck race against Democratic candidate Vice President Kamala Harris, who has pledged to support a regulatory framework for the crypto industry.

Visa, Coinbase Offer Crypto Purchases via Debit Cards

Meanwhile, in related industry news, Visa Inc. is allowing customers with eligible debit cards to deposit funds into their Coinbase Global Inc. accounts.

"This new development allows for the real-time flow of funds for customers in the US and European Union," the company said in a statement.

Eligible Visa debit card holders can now “take advantage of trading opportunities day and night,” as per Yanilsa Gonzalez Ore, head of the Visa Direct business for North America.

Visa, which powers the Coinbase debit card, said customers will also be able to buy cryptocurrencies on Coinbase with an eligible debit card and cash out their money from the platform to a bank account, also via the card.

(With inputs from Bloomberg)