• Bitcoin surged past $71,000 amid speculation over the upcoming U.S. elections and anticipated Federal Reserve rate cuts, marking its highest level since June.
• Japanese investment giant Metaplanet boosted its Bitcoin holdings with a $10.5 million BTC purchase, pushing its position to over 1,000 BTC, stirring market interest.

Amid speculations around the outcome of next week’s U.S. elections, Bitcoin prices have climbed above the $71,000 mark for the first time since June. The largest cryptocurrency by market capitalization surged over 2%, reaching $71,310, with other digital assets like Ether and Dogecoin also posting gains of around 4%.

Bitcoin’s rally reflects a breakout year, buoyed by the U.S. Securities and Exchange Commission’s approval of spot bitcoin exchange-traded funds in January, which added significant institutional support. Aside from a brief dip below $40,000 early in the year, Bitcoin has largely remained in the $50,000 to $70,000 range, boosted further by recent Federal Reserve rate cuts.

Market analysts are closely monitoring Bitcoin’s movements, particularly with a potential 25-basis-point rate cut expected from the Federal Reserve in early November. “The anticipated Fed rate cut could be pivotal for Bitcoin’s climb, especially given current bullish sentiment,” noted Ryan Lee, Chief Analyst at Bitget Research. Lee pointed out that Bitcoin might be on track to retest its all-time high of around $73,700, with market confidence underpinned by the tight U.S. election race between crypto advocate Donald Trump and Vice President Kamala Harris.

In October, crypto investments hit new heights, with CoinShares reporting inflows of $3.4 billion, bringing the year-to-date figure to $27 billion—nearly tripling 2021’s record. Spot bitcoin ETFs attracted around $997.6 million in net inflows, while short positions saw modest outflows. In an institutional move, Emory University disclosed a $15 million stake in the Grayscale Bitcoin Mini Trust, marking one of the first such investments by a U.S. university.

In Asia, Japanese investment giant Metaplanet recently acquired 156.78 BTC, valued at $10.5 million. This addition pushed Metaplanet’s holdings to 1,018 BTC, cementing its place as one of Asia’s largest corporate Bitcoin holders. The acquisition also spurred a 7.18% increase in Metaplanet’s stock, underscoring Bitcoin’s influence on corporate valuations.

Bitcoin, at press time, is trading at $70,860, with a recent surge in trading volume signaling increased market participation.