Bitcoin surged past $73,000 on Tuesday, approaching its all-time peak as investors eagerly anticipated the upcoming U.S. presidential election.

According to Coin Metrics, Bitcoin’s value recently climbed by 3.8%, settling around $72,333.10. Earlier, it spiked to $73,601.59, its highest point since March 14—the same day it reached its record price.

This rise triggered significant short liquidations, totaling over $113 million in the last 24 hours, as reported by CoinGlass, which drove broader crypto prices upward. Crypto exchange Coinbase and Bitcoin proxy MicroStrategy each saw a 1% increase in their shares. Bitcoin has mostly stayed within a range of $55,000 to $70,000 this year, repeatedly testing the $70,000 mark without breaking through decisively.

Optimism is swelling ahead of next week’s U.S. presidential election. Bitcoin has also benefited from a broader risk-on market sentiment, as stocks reached fresh highs this month despite rising interest rates. The return of demand for Bitcoin ETFs and an anticipated Federal Reserve policy announcement on November 7 have also bolstered the cryptocurrency.

“Bitcoin and crypto are being boosted by multiple favorable factors right now, including a stable economic outlook, potential Fed rate cuts, and a likely shift in U.S. regulatory policies regardless of the election outcome,” said Zach Pandl, head of research at Grayscale Investments. “If these trends hold steady, Bitcoin could continue its climb to new highs by year-end.”

Former President Donald Trump, the Republican nominee, has positioned himself as a supporter of the crypto sector, making the industry a focal point in his campaign. Democratic Vice President Kamala Harris, the opposing candidate, has been less vocal on crypto. The industry remains divided on the possible impact of her presidency on crypto businesses, though the election's outcome is widely considered a major potential influence on Bitcoin's price.

Bitcoin has gained 7% over the last week and is on track to close October with a 14% rise, which would make this its strongest month since March.