Bitcoin Flirts With $70,000 as US Election Race Narrows

The price of Bitcoin briefly dipped below $70,000 Thursday after closing in on a new all-time high earlier in the week.

On Tuesday, the asset nearly beat its March record of $73,737. It then traded sideways before dipping on Thursday.

Over the past 24 hours, the world’s largest crypto fell 2.8% to $70,300. CoinGecko data shows.

Its dip comes as traders sold off equities, with the Nasdaq and S&P 500 having their worst day in a month after top tech companies Meta and Microsoft said they would spend more to meet growing AI demand.

Bitcoin and the broader crypto market have traded closely with tech and large market cap equities this year.

Among the top 10 cryptos, Ethereum has taken the biggest hit, down 5.3% to $2,500. Meanwhile, Dogecoin stood second, dipping 4.4% to $0.16 following a significant rally earlier in the week.

The price dip also comes as the race for the White House tightens: Kamala Harris was slightly ahead of Donald Trump on Thursday, according to a fresh poll by CNN conducted by SSRS.

Former President Trump has emerged as the pro-crypto candidate in recent months, while Vice President Harris, by comparison, has spoken broadly on crypto regulation and blockchain technology.

In any case, JP Morgan analysts said Thursday that Bitcoin will experience upward momentum if Trump wins next week.

Edited by Sebastian Sinclair