(Bloomberg) -- Bitcoin held onto its biggest gain in a week as traders around the world awaited results of a US presidential election that pits digital-asset supporter Donald Trump against Kamala Harris, who served as vice president during a government crackdown on the industry.

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The original cryptocurrency was little changed under $70,000 at 6:30 pm in New York, less than 6% below its March record set during the euphoria that followed January’s launch of US spot-Bitcoin exchange-traded funds. Bitcoin’s 3.1% gain through 5 pm on Tuesday was its biggest advance since Oct. 29.

The token’s more than 60% advance in 2024 has topped traditional assets such as global stocks and gold.

Crypto muscled onto the high table of politics courtesy of a giant campaign-finance war chest funded by the industry to further its agenda. Bitcoin is viewed by some as a so-called Trump trade because Republican presidential nominee Trump embraced digital assets during his campaign.

Trump staked out ground as the candidate most-friendly to the industry by vowing to make the US the crypto capital of the planet, create a strategic Bitcoin reserve and appoint regulators who love digital assets should he return to the White House. The former president has bolstered his support among crypto enthusiasts by launching his own projects. Harris has adopted a more measured approach, pledging to support a regulatory framework for the industry.

Volatility Expected

Traders were bracing for potentially pronounced market volatility stemming from results of an election that polls show is a dead heat. The 30-day gauge of implied Bitcoin swings reached the highest level since political upheavals, including President Joe Biden’s exit from the race, roiled investors in July. The index, compiled by CF Benchmarks Ltd., is derived from CME Group Bitcoin options pricing.

The options market was signaling expected moves of about 8% in either direction the day after the vote, compared with a typical 2% rise or fall on a normal day, said Caroline Mauron, co-founder of Orbit Markets, a provider of crypto derivatives liquidity.

Investors in spot-Bitcoin ETFs investors took chips off the table a day before the election, with the 12 funds seeing a record outflow of $579.5 million on Monday, according to data compiled by Bloomberg.