Bitcoin's price has seen a 1.5% increase, approaching the $70,000 mark, driven by a surge in futures open interest, which has hit a record $40.63 billion across major exchanges. This momentum corresponds with increased speculative trading and a general risk-on sentiment in the cryptocurrency market, notably with other cryptocurrencies like Solana benefiting as well. Traders are optimistic about potential regulatory reforms surrounding cryptocurrencies, particularly if Donald Trump secures the U.S. presidency in the upcoming elections. This political context is contributing to heightened volatility and speculation, suggesting that further gains for Bitcoin may be anticipated in the lead-up to the election.
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