Investing.com-- Bitcoin’s price rose on Thursday, hovering near three-month highs as speculation over a second Trump presidency, friendlier regulation and improved capital inflows boosted cryptocurrency markets over the past week.
Bitcoin rose 0.5% to $67,328.4 by 01:05 ET (05:05 GMT), after briefly breaching $68,000 earlier this week. The token had broken reliably out of a tight $50,000 to $65,000 trading range seen through most of the year.
Broader cryptocurrency prices also rose on speculation over an improved regulatory outlook in the U.S., after Vice President Kamala Harris pledged a regulatory framework for the industry.
Bitcoin in particular was supported by defunct crypto exchange Mt Gox postponing its timeline for returning stolen tokens to creditors.
Bitcoin buoyed by speculation over Trump victory
Recent gains in Bitcoin came amid increasing speculation that Republican candidate Donald Trump will clinch a second term.
This was especially seen in online betting platforms such as Polymarket, which showed Trump’s odds at 58.4% over Harris’ 41.3%.
Recent media polls showed Harris maintaining a slight lead, although with about three weeks left to the ballot, it is expected to be a tight race.
Trump has maintained a largely pro-crypto stance, with his campaign also accepting donations in crypto. He had vowed at a conference earlier this year that the future of Bitcoin would be built in America.
Harris on the other hand only recently mentioned crypto, pledging to create a regulatory framework for the industry.
Strong dollar, rate cuts in focus
Still, further gains in Bitcoin were held back by a stronger dollar, as the greenback firmed on the Trump trade and as traders priced in a slower pace of interest rate cuts by the Federal Reserve.
U.S. retail sales and industrial production data due later on Thursday is set to offer more cues.
Rate cuts by other major central banks were also in focus, with the European Central Bank widely expected to cut rates later on Thursday.
Crypto price today: Altcoins drift higher
Broader crypto prices mostly tracked recent gains in Bitcoin. World no.2 crypto Ether rose 0.5% to $2,631.21.
XRP rose 3.5%, while ADA and SOL retreated slightly. MATIC was flat.
Among meme tokens, DOGE rose 5.4%.