On October 29, 2024, Bitcoin exceeded the $71,000 mark for the first time since June 2024, driven by substantial inflows into exchange-traded funds and speculation regarding the upcoming United States election.

As of 10:45 AM in Singapore, Bitcoin was trading at $71,310, with other cryptocurrencies like Ether and Dogecoin also experiencing gains of about 4%.

Analysts attribute Bitcoin's rise to favorable market conditions and a potential victory for Republican presidential nominee Donald Trump, who is ahead in prediction markets against Democratic candidate Vice President Kamala Harris.

Trump's crypto-friendly stance contrasts with the more conservative approach of the current administration.

Furthermore, options traders are betting on Bitcoin hitting $80,000 by the end of November.

The market has also seen increased spot-Bitcoin ETF inflows, totaling $3.3 billion this month, reflecting investor confidence despite broader economic uncertainties such as Federal Reserve policy shifts and regulatory scrutiny on Tether.