Bitcoin blasts through $71,000 towards record high territory.

This is Coin Us Daily. I'm your host, Christine Lee.

Bitcoin shooting past $71,000 during Asian trading hours and sustaining that floor in the U.S. morning.

BTC jumping 3% over the past 24 hours,

leading to significant trading volume and the liquidation of over $143 million in short positions.

The rally was partly driven by whale activity on finance and substantial inflows into Bitcoin

ETFs, which saw a net increase of 47,000 BTC in the last two weeks.

The surge is influenced by the upcoming U.S. elections with traders betting on bullish market conditions

regardless of the outcome. The broader digital asset market, as measured by the CoinS20 index,

is up about 3% led by Doge and ETH, which are charting 12.5% and

roughly 4% gains, respectively. Doge features interest is nearing record levels, thanks to increasing

competence of Donald Trump winning next week's presidential election. Traders view Doge as an election

play connected to Elon Musk's

endorsement of the Republican candidate, and by extension, the possibility of Musk running a

Department of Government Efficiency, abbreviated as Doge. Doge denominated futures have risen 33% since

Sunday to 8 billion tokens as of European morning hours Tuesday.

Ex-influencer Bonk guy telling Coin-Dest, quote, Elon is meaming the idea of a Department

of Government efficiency into reality and is able to tie it to Doge somehow. A Trump victory

next week would bring an even more parabolic move in Dogecoin.

Trading on Crypto.com has exploded this year, pushing the crypto exchanges volumes in North

America ahead of Coinbase. Crypto.com's monthly spot trading volume soared to $134 billion

in September from $34 billion in July, according to data from the block.

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