Bitcoin Surges Past $71,000 as Market Braces for U.S. Election Impact

Bitcoin rallied beyond the $71,000 mark in the early Asian trading hours on Tuesday, marking a 5% increase in the past 24 hours and breaking the $70,000 resistance level with an impressive $48 billion in trading volume, nearly double that of the previous day. This surge in Bitcoin's value comes just a week ahead of the U.S. elections, which many traders see as a bullish factor for the crypto market, regardless of the election outcome.

Altcoins followed suit, with major tokens seeing notable gains: Dogecoin (DOGE) surged 15% on continued Trump popularity, followed by Shiba Inu (SHIB) at 8%. Ethereum (ETH) rose by 5%, while Cardano (ADA), Solana (SOL), and Binance Coin (BNB) climbed more than 3%.

This market move highlights traders' optimism, with expectations that Bitcoin may reach new highs regardless of whether the election victory goes to Trump or Democrat Kamala Harris. While Trump’s pro-Bitcoin stance has fueled industry optimism, Harris's commitment to regulatory protections could appeal to a different segment of the market. However, with significant macroeconomic factors in play, the consensus appears to be that Bitcoin’s rise could be sustained no matter who emerges victorious.