Bitcoin price tops $71,000 and nears new record as Big Tech profits roll in

Just a week before the US election, Bitcoin is nearing its all-time high, currently valued at $71,000 – a time frame that many traders view as a bullish event for the markets regardless of the outcome. Surveys suggest so a closely contested race between Donald Trump and Kamala Harris, which increases the anticipation of the market.

The leading cryptocurrency is up over 3% in the last 24 hours and up 6% for the week. now just 3.6% below its record high of $73,737, which it last reached in March.

This latest price surge coincides with a crucial week for big tech profits as industry giants like Meta (Facebook's parent company) (META+1.57%), Amazon (AMZN+0.69%), Alphabet (Google's parent company) (GOOGL+1.24%) and Microsoft (MSFT+0.75%) are expected to publish their quarterly results. These returns could have a significant impact on the broader financial landscape and potentially influence Bitcoin's momentum by providing insights into market sentiment.

Investors continue to pour money into Bitcoin ETFs

Investors continue to bet on Bitcoin ETFs, which has also pushed up the price of Bitcoin. According to Bitcoin ETF tracker On the other handthe 11th Explore Bitcoin ETFs continues to see massive inflows, with aggregate net inflows of $479.4 million as of October 28th.

On Monday, BlackRock (BLACK-0.46%) iShares Bitcoin Trust (IBIT+3.15%) (IBIT) attracted the most inflows at $315 million, while the Ark 21Shares Bitcoin ETF (ARKB) received $59 million. Meanwhile Fidelity's (FNF-1.24%) The Wise Bitcoin Origin Fund (FBTC) saw an inflow of 44 million, and the Bitwise Bitcoin ETF (BITB+3.11%) (BITB) followed with just over $38 million.

Other major cryptocurrencies are also booming

Bitcoin's recent price surge has buoyed the entire cryptocurrency market and led to notable gains in various digital assets. Ether (ETH), the second largest cryptocurrency by market capitalization, is trading at $2,600, up over 3.6% in the last 24 hours. In addition, popular memecoins have seen significant upward movements: Dogecoin (DOGE) has increased by more than 13%, while Shiba Inu (SHIB) gained over 7% in the same period. These gains highlight renewed investor enthusiasm across various sectors of the crypto market.