The price of popular cryptocurrency Bitcoin has surpassed $71,000, marking its highest value in the past four months and reflecting a 105% increase this year, according to a report published by digital currency trading platform Coinbase.
As of Tuesday afternoon (1:00 PM), Bitcoin was trading at $71,187 per unit.
Analysts speculate that the U.S. presidential election may be driving Bitcoin’s price increase. Presidential candidate Donald Trump has been a vocal supporter of digital currencies, advocating for the U.S. to become a global hub for cryptocurrency. Conversely, Kamala Harris has called for a regulatory framework for digital assets.
While Bitcoin’s value has surged, other cryptocurrencies like Ethereum have seen declines over recent weeks.
