---
title: "Bitcoin Extends Gain to Reach $72,000 for First Time Since April"
description: "Bitcoin rose past $72,000 for the first time since April, bolstered by inflows into dedicated exchange-traded funds as well as speculation about the potential outcome of next week’s US election."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-10-29-bitcoin-extends-gain-to-reach-72000-for-first-time-since-april/"
published: "2024-10-29T18:05:02"
updated: "2024-10-29T18:05:04"
lang: "en-ZA"
word_count: 348
---

# Bitcoin Extends Gain to Reach $72,000 for First Time Since April

> Bitcoin rose past $72,000 for the first time since April, bolstered by inflows into dedicated exchange-traded funds as well as speculation about the potential outcome of next week’s US election.

By Bloomberg · Published 29 October 2024, 20:05 SAST · Updated 29 October 2024, 20:05 SAST

## Key points
- Bitcoin is riding a political wave, buoyed by Trump’s crypto endorsement as traders bet on an $80,000 moonshot, while Harris offers a more cautious regulatory embrace—because in the world of digital assets, every election is a potential gold rush.
- Bitcoin surged to $71,920, driven by speculation around a potential Trump election victory, with smaller tokens like Ether and Dogecoin also gaining.
- Market analysts suggest Bitcoin's price is influenced by Trump's pro-crypto stance, contrasting with Harris's regulatory approach.
- Traders anticipate Bitcoin could hit $80,000 by the end of November, regardless of the election outcome, amid increased interest in spot-Bitcoin ETFs.
- The cryptocurrency has rallied 71% in 2024, despite concerns over Federal Reserve interest rates and scrutiny of Tether, a key stablecoin.

## Content

The largest digital asset climbed as much as 3.5% before paring some of the move to change hands at $71,920 as of 11:33 a.m. on Tuesday in New York. Smaller tokens such as second-ranked Ether and meme-crowd favorite Dogecoin also pushed higher.

Bitcoin is viewed by some as a so-called Trump trade because Republican presidential nominee Donald Trump embraced digital assets during campaigning. Trump is ahead in prediction markets, while polls show a neck-and-neck race against Democratic candidate Vice President Kamala Harris.

Read more: [Harris or Trump, American Wealth to Grow Either Way: MLIV Pulse](https://www.bloomberg.com/news/articles/2024-10-28/harris-or-trump-stocks-are-ready-to-roar-either-way-survey-shows)

The token is continuing to “price in a Donald Trump election victory,” Tony Sycamore, a market analyst at IG Australia Pty, wrote in a note. Bitcoin needs a sustained break past $70,000 to boost confidence that it can rally beyond March’s record high of $73,798, he added.

Trump has vowed to make the US the crypto capital of the planet. Harris has adopted a more measured approach, pledging to support a regulatory framework for the industry. Their positions contrast with a crackdown on the sector under President Joe Biden.

Trump has also said that he would ask billionaire Elon Musk — a major donor to his campaign — to head up a push to cut government spending. The effort is nicknamed the Department of Government Efficiency, or DOGE, a reference to the Dogecoin token that Musk has embraced.

Musk’s affiliation with the Trump campaign helped to lift sentiment among traders, according to [Arisa Toyosaki](https://www.linkedin.com/in/toyosaki/), co-founder of Cega, a crypto derivatives service provider.

Options traders have increased bets that Bitcoin will reach a peak of $80,000 by the end of November regardless of who wins the election. Implied volatility around Election Day on Nov. 5 is elevated. Spot-Bitcoin ETFs in the US have attracted about $3.6 billion in net inflows so far this month.

Bitcoin lately weathered scaled back bets on Federal Reserve interest-rate cuts as well as a [report](https://www.bloomberg.com/news/articles/2024-10-25/crypto-s-too-big-to-fail-token-tether-faces-potential-new-threat-from-us-usdt) of greater US scrutiny of Tether, a stablecoin that acts as linchpin in crypto trading. The original cryptocurrency has jumped 71% in 2024.