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Elections do not scare: Bitcoin to $80,000


October, 23 2024
watermark Economic news

Despite the upcoming US presidential election, traders in the bitcoin options market are betting on its growth to $80,000 by the end of November. Experts note that the market expects bitcoin to grow regardless of the winner of the election.


Republican candidate Donald Trump openly supports cryptocurrencies, which makes bitcoin a «Trump betting asset.» Democratic candidate Kamala Harris takes a more moderate position, promising to regulate the industry.


In addition to political factors, traders' optimism is also influenced by non-political factors, such as the expected reduction in interest rates by the Federal Reserve.


Against this background, there is increased volatility of options that expire on November 5. Most bets are placed on call options, which give the right to purchase bitcoin at new maximum prices.


Bitcoin has already reached a record high of $73,798, but then let go of its positions. At the beginning of the week, the cryptocurrency approached $70,000, but then also retreated. At the moment, BTC is trading around $66,600.


Analysts note that traders are increasingly using the options market to gain potential growth, rather than to insure against downside risks.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.