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Bitcoin crosses $65,000, representing nearly two-month high

written by Bella Palmer
bitcoin

The price action marks a much-anticipated recovery for bitcoin, which previously declined to $53,000 in September

On Thursday, the price of bitcoin surged to more than $65,000, representing a nearly two-month high for the world’s biggest crypto currency.

The price action marks a much-anticipated recovery for bitcoin, which previously declined to $53,000 in September.

Typically, bitcoin’s price performance in summer months and September tends to be volatile, but investors are expecting to see price growth in October, typically labelled “Uptober” because of the tailwinds driving renewed optimism in bitcoin's price.

Relatedly, the world’s second-biggest crypto currency, ethereum, also saw positive price action on Thursday. It recorded a price of $2,651 at one time, representing a gain of 2 per cent.

Solana, the world’s fifth-biggest crypto currency in terms of market capitalization, surged to around $160, climbing by more than 5 per cent on Thursday.

The upcoming presidential election in the U.S. will likely impact bitcoin and altcoin prices substantially, as both presidential nominees have nominally pledged to support the industry. Former president Donald Trump began accepting political donations in crypto earlier this year and extolled the innovation in the sector at the Bitcoin Conference in Nashville.

You are the modern-day Edisons and Wright brothers and Carnegies and Henry Fords, and what you do in your lifetime stands a chance to outlive us all, Trump told the audience of crypto executives this summer.

I stand before you today filled with respect and admiration for what the Bitcoin community has achieved, Trump underlined to a Nashville audience, promising to replace U.S. Securities and Exchange Commission (SEC) head Gary Gensler – who is unpopular among crypto companies – with a more pro-crypto pick.

Disclaimer:

The opinions expressed by our writers are their own and do not represent the views of UK Investment Guides. The information provided on UK Investment Guides is intended for informational purposes only. UK Investment Guides is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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