Bitcoin bulls eye $70,000 near record-high on optimism around riskier assets ahead of US presidential elections | Stock Market News
Source: Live Mint
Bitcoin price today: Bitcoin extended last week’s gains as the crypto bulls are setting their sights on the record highs reached in March. Optimism is building around riskier assets and the looming US presidential elections.
The original cryptocurrency gained as much as 2.9 per cent to $68,376 on Wednesday, October 16, before paring the increase. Bitcoin last traded at $70,000 in July and reached an all-time high of almost $74,000 in March.
Analysts cited a rise in global liquidity, including from China, which has been offering a raft of stimulus measures in recent days in an attempt to boost its struggling economy. This has favoured Bitcoin and other crypto assets.
Bitcoin approaches $70k: What’s driving the rally?
“Global liquidity is on the rise again, with central banks across the world injecting cheap capital into their economies,” wrote Blockforce Capital. “When global liquidity has exceeded its moving average in the past, it has often coincided with significant upward movements in the price of Bitcoin.”
Adding to the optimism is Vice President Kamala Harris’s pledge this week to support a regulatory framework for cryptocurrencies. The acknowledgement follows years of complaints from the cryptocurrency sector that US-based officials have chosen a path of regulation through enforcement rather than by providing clarity.
Meanwhile, news agency Reuters reported that Italy will strengthen its digital services tax as part of plans to raise more revenues in the 2025 budget, in a move that could trigger retaliation from the US.
Washington has threatened tariffs over unilateral digital taxes in Europe, such as the Italian levy, which applies to Meta Platforms Inc., Google, and Amazon and has raised 400 million euros ($436 million) so far.
A senior Italian official said the government had authorised the tax increase without receiving tacit approval from US. “Our politicians have decided to take a risk,” the official said. In 2019, Italy introduced a three-per cent levy on revenue from internet transactions for digital companies with sales of at least 750 million euros ($817.13 million), of which at least 5.5 million are made in Italy.
