Bitcoin hits $71K, DOGE up by 14%, will election hype print new ATHs?

Bitcoin (BTC) is hitting headlines as it surged past $71,000 for the first time since June. What’s driving this bullish run near to a new all-time high? Is it the big inflows into Bitcoin ETFs or speculations erupting around next week’s US election?

The global digital assets market printed green indexes all the way as the total cap surged by 5% in the last 24 hours to stand at $2.4 trillion. The 24 hour trading volume jumped a whopping 100% to hit the $100 billion mark. The meme coin section saw some high green tides as Dogecoin (DOGE) and Popcat (SOL) surged 14% each.

Bitcoin ETF frenzy sparks rally

Bitcoin price has managed to recover all the losses seen over the past few weeks. Massive inflows into BTC ETFs are creating fresh market momentum, bringing a flood of investor interest back into the market. BTC price is now up by 21% in the last 60 days. It is trading at an average price of $71,200 with a spike of 150% in its trading volume.

Bitcoin ETFs in the US have pulled more than $3.5 billion in inflows so far this month. This shows that demand for direct Bitcoin exposure is on the rise. SoSoValue data shows that BTC ETFs recorded a total net inflow of $479.35 million on October 28. BlackRock’s ETF IBIT saw the highest net inflow for the day. It netted an inflow of $315.19 million, alone. 

As per the data provided by Coinglass, more than 68k traders were liquidated in the past 24 hours. The total liquidations come in at $239 million while the biggest single liquidation order of worth $18 million happened on Binance.

Data shows that $178.39 million worth of liquidated bets (74%) turned out to be short positions. This suggests that traders were hoping for a drawdown after Bitcoin breached $70K. Meanwhile, the bullish sentiments foiled the bears to move ahead.

Investors eye Trump’s crypto promises

Investors are also speculating on potential outcomes of next week’s US election. Bitcoin is considered a “Trump trade,” with many seeing him as pro-crypto. Trump is polling ahead in prediction markets, keeping traders on their toes. 

The former president has declared he’d make the US the “crypto capital of the planet” if elected, on the other hand, Vice President Harris takes a more moderate regulatory stance, differing from Biden’s crackdown approach. Polymarket shows that Donald Trump holds 66% odds of winning the elections against Kamala Harris.

Bitcoin faces the next test now. Breaking and holding above $71k for a shot at March’s high of $73,700. Some analysts argue that only a solid break beyond this level will affirm the bull case. BTC options traders are betting big on an even stronger move, with many positioning for an $80k peak by month’s end.

Dogecoin (DOGE) is on fire, hitting nearly $0.16 which is a five-month high. The biggest meme crypto is now up by 29% in 30 days. This surge coincides with Elon Musk’s endorsement of Trump, who suggested Musk could lead the Department of Governmental Efficiency (D.O.G.E.) if elected.