Bitcoin surpasses $70,000 for the first time since June

Bitcoin climbed above $70,000 as investors prepared for MicroStrategy's earnings and counted down the days to the US presidential election.

According to Coin Metrics, Bitcoin price was last up almost 3% to $71,673. ether rose by almost 5%.

At the same time, stocks linked to the price of the cryptocurrency also rose. Crypto exchange platform Coinbase and Bitcoin proxy Microstrategy advanced by 3% and 4%, respectively.

The last time Bitcoin reached $70,000 was in June. This level has been tested several times this year after reaching a record $73,797.68 in March, but previous forays above $70,000 were just outliers.

Optimism is growing ahead of next week's US presidential election. Bitcoin is limited to a narrow range between $55,000 and $70,000. Bitcoin has also benefited the market's overall risk appetite, with stocks hitting new highs this month despite rising interest rates, the return of demand for Bitcoin ETFs and another interest rate decision from the Federal Reserve on November 7.

Republican candidate and former President Donald Trump has courted the crypto industry this year, presenting himself as a pro-crypto candidate. Democratic candidate and Vice President Kamala Harris has been more cautious about cryptocurrencies, and the industry is divided over how her potential presidency could impact cryptocurrency companies. The outcome is widely seen as a major catalyst for Bitcoin price, but investors will have to watch and wait as the election approaches. Last week, the Bitcoin price rose towards $70,000, but ultimately remained below this threshold.

Elsewhere, investors await earnings from Coinbase and MicroStrategy, both scheduled for Wednesday. On Monday, MicroStrategy, which trades as a high-beta currency to the price of Bitcoin, posted its highest close since March 15, 2000.

MicroStrategy is looking to extend its seven-week winning streak, its longest rally since an 11-week winning streak that ended in late October 2010.

The price of Bitcoin has increased by 6% in the past week. The digital asset is now on track to end October with a 12% gain, which would make it its best month since May.