Bitcoin Resumes Climb Toward $70,000 After New High

Bitcoin increased for the fourth time in five days, as speculators aim for $70,000 once more amid rising enthusiasm for digital assets.

The largest cryptocurrency increased by 2.9% to $68,898, above a level attained on Wednesday, which was the highest since July 29. Bitcoin was last traded at $70,000 on June 12.

This week, investors have contributed almost $1.8 billion to a dozen US exchange-traded funds that contain Bitcoin, as per statistics aggregated by Bloomberg. The investment products received initial approval in the United States in January.

As investors flock to the options market, dealers facilitating these contracts either purchase or sell in large quantities to mitigate their rapidly changing exposures – a process referred to as “gamma hedging.”

Heightening the euphoria are increasing anticipations that the forthcoming US presidential government will adopt a more favorable stance towards cryptocurrency, regardless of whether Vice President Kamala Harris or former President Donald Trump emerges victorious in next month’s election.