The world’s largest cryptocurrency bitcoin (BTC) threatened all-time highs against the US dollar after topping $73,620 in late-Tuesday trades.
That is less than $100 off the all-time high of $73,777 reached earlier this year in March.
Since then, the BTC/USD pair has slipped back to $72,300, with Binance’s order book suggesting solid buying support at the flat $72,000 level.
Bitcoin is up more than 70% year to date – Source: Trading View
There are numerous possible tailwinds supporting bitcoin right now.
Signs of economic slowdown in the US have pushed the value of the greenback lower, with the pound-dollar pair down nearly 3% in a month.
A possible ‘Trump trade’ is also materialising as the prospect of a Republican victory in the US elections raises hopes of pro-crypto policies in the coming years.
Bitcoin exchange-traded fund (ETF) inflows have ramped up considerably, with Farside data showing nearly $1 billion worth of inflows in just three days.
Gold has similarly been trading at and above all-time highs, suggesting that some traders are seeking out safe havens amid market uncertainty.