As the U.S. presidential elections approach, Bitcoin continues to gain momentum, nearly reaching the $70,000 mark, creating optimism among crypto enthusiasts.

Bitcoin Price Surge

On October 21, Bitcoin jumped 2% to reach $69,400, sparking interest as it nears its all-time high of $74,000 from March.

Impact of Global Liquidity and U.S. News

Analysts attribute this surge to increased global liquidity, particularly from China’s recent stimulus measures. Blockforce Capital noted that when global liquidity exceeds its average, it often leads to significant price increases for Bitcoin. Additionally, Vice President Kamala Harris has promised to support clear regulatory frameworks for cryptocurrencies, a positive signal for the market.

Cryptocurrency Prospects and Challenges

Not all news is positive: Italy plans to strengthen its digital services tax, potentially creating tensions with the U.S. Meanwhile, interest in Bitcoin continues to grow, especially after former President Donald Trump's unexpected public appearance raised discussions about potential cryptocurrency policies if he were re-elected.

Bitcoin's approach to the $70,000 level reflects growing optimism for riskier assets as elections near. Yet, regulatory and tax changes remain a source of uncertainty.