Bitcoin trades to 3 1/2-week high above $6,500

Colorado elects pro-blockchain governor

Bitcoin prices moved higher Wednesday, trading above $6,500 for the first time since mid-October.

A single bitcoin BTCUSD, +1.17% was last changing hands at $6,523.57, up 1.3% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange. The move higher in the world’s largest digital currency has dragged the market cap for all cryptocurrencies above $220 billion for the first time in a month, according to data from CoinMarketCap.

Tuesday’s midterms weren’t a complete nonevent for the crypto community. In Colorado, voters elected a pro-crypto and blockchain governor in Jared Polis. The Democrat has long campaigned for decentralized technology to help local business.

“As governor, I will ensure that Colorado explores the potential use of blockchain technology and works alongside the business community, policy experts, local communities, and Coloradans to build a robust economy for the future,” he wrote in a blockchain campaign paper.

Elsewhere, Gavin Newsom was elected governor of California. The Democrat was one of the first politicians to accept donations in bitcoin back in 2014.

What are altcoins and futures doing?
Altcoins, the collective group of coins other than bitcoin, are off to a mixed start Wednesday. Ether ETHUSD, +0.41% was trading 1.5% higher at $219.05, Bitcoin Cash BCHUSD, +0.57% was up 2.8% at $630.80, Litecoin LTCUSD, -1.68% lost 0.2% to trade at $54.74 and XRP, XRPUSD, -2.18% was down 1.6% at 53 cents.

Bitcoin futures rose with spot prices. The Cboe Global Markets November contract XBTX8, +1.33% was up 1.3% at $6,500, while the CME Group November contract US:BTCV8 was also up 1.3% at $6,500.

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