Bitcoin surged past $73,000, nearing its record high as investors closely monitor the U.S. presidential election.
The top digital currency traded around $72,400 overnight, after briefly reaching $73,563.63 during late U.S. trading, just below its all-time high of $73,797.98 set in March.
This spike in Bitcoin’s price is seen as a bet on a Republican victory, with Donald Trump gaining traction as the pro-crypto candidate.
Oil prices edged up after a sharp decline earlier in the week, as concerns of escalation in the Middle East eased following Israel’s recent strikes on Iran, which spared energy infrastructure.
Investors are also anticipating a key political meeting in Beijing next week, hoping for the announcement of a substantial stimulus plan to boost China’s economy, which has been hampered by pandemic-related setbacks and a debt crisis in the property sector.
In Asia, stocks dipped as Wall Street sent mixed signals, with markets remaining cautious ahead of the U.S. election and next week’s Federal Reserve rate decision.
Tokyo and Taipei were the only gainers, with Japan’s market rising 1.3% as the yen weakened and tech stocks advanced.
Meanwhile, markets in Hong Kong, Shanghai, Sydney, Seoul, Singapore, Kuala Lumpur, Manila, and Bangkok all declined.
On Wall Street, the Nasdaq reached an all-time high, driven by rising tech stocks, up 0.8% to 18,712.75. The S&P 500 added 0.2% to 5,832.92, while the Dow slipped 0.4% to 42,233.05.
Yields on 10-year U.S. Treasuries briefly topped 4.3% yesterday, the highest since early July, before easing to 4.259% in the evening, down from 2.275% late on Monday.
