Bitcoin Flirts With $70,000 as US Election Race Narrows

Bitcoin’s price flirted with the $70,000 mark before experiencing a slight dip on Thursday. It had almost surpassed its previous all-time high of $73,737 set in March before trading sideways. Within the past 24 hours, the world’s largest cryptocurrency dropped 2.8% to reach $70,300. This downward movement coincided with a sell-off in equities, as the Nasdaq and S&P 500 had their worst day in a month due to top tech companies’ plans to invest more in meeting the growing demand for artificial intelligence. Throughout the year, Bitcoin and the broader crypto market have been closely tied to the performance of tech stocks and large-cap equities. Among the top 10 cryptocurrencies, Ethereum experienced a 5.3% drop to $2,500, while Dogecoin dipped 4.4% to $0.16 after a significant rally earlier in the week. The price decline also coincided with a tightening race for the US presidency, as Kamala Harris slightly led Donald Trump in a recent CNN poll. Trump has positioned himself as the pro-crypto candidate, while Harris has discussed crypto regulation and blockchain technology more broadly. JP Morgan analysts noted that Bitcoin would likely experience upward momentum if Trump were to win the upcoming election.