Bitcoin rises 4%, approaching its record and topping $72,000 for first time in six months

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Bitcoin climbed above $72,000 Tuesday, nearing its all-time high as investors counted the days to the U.S. presidential election.

The price of bitcoin was last higher by nearly 4% at about $72,800, according to Coin Metrics. Earlier, it rose to $72,952, its highest level since March 14, the day it reached its record. CME bitcoin futures contracts are currently trading at $73,635.

Stocks tied to the price of the cryptocurrency rose in tandem with it. Crypto exchange platform Coinbase and bitcoin proxy MicroStrategy advanced 2% each.

Bitcoin is now less than 2% off its March all-time high of $73,797.68. It has wrestled with the $70,000 level several times this year, and earlier forays above that level have turned out to be mere blips.

Optimism is building ahead of the U.S. presidential election next week. Bitcoin has been confined to a tight range between $55,000 and $70,000. Bitcoin has also benefited broader risk-on sentiment in the market, with stocks hitting new highs this month even with rising rates, the return of demand for bitcoin ETFs and another Federal Reserve rate policy decision on Nov. 7.

"Many things are going right for bitcoin and crypto, including a soft landing for the economy, Fed rate cuts, and a likely change in the U.S. regulatory climate regardless of who wins the US election," said Grayscale Investments head of research Zach Pandl. "As long as these trends continue ... bitcoin can continue to make it to new highs into year-end."

Republican nominee and former president Donald Trump has been courting the crypto industry this year and presented himself as the pro-crypto candidate. Democratic nominee and Vice President Kamala Harris has been more muted on crypto, and the