Bitcoin bets surge: Traders eye $80,000 high by November despite US election uncertainty

Options traders are betting on Bitcoin hitting $80,000 by November's end, irrespective of the US election outcome. The market indicates optimism about Bitcoin's performance amid varying political views on cryptocurrency regulation.

Options traders have gained optimism, betting on the world's largest cryptocurrency, Bitcoin , reaching a record high of $80,000 in November 2024 regardless of who wins the 2024 United States elections, as per a Bloomberg, News.Az reports.

Earlier on October 21, Bitcoin edged near the $70,000 mark when US voter polls suggested that Republican nominee and former President Donald Trump was neck-to-neck with rival Democratic nominee and Vice President Kamala Harris.

However, Bloomberg has now reported that punters are increasingly betting the token will touch its year's high of $80,000 in November, regardless of a Harris or Trump victory — simply based on market sentiment.

Trump or Harris, Traders Bet on Bitcoin Party

While Trump has openly expressed his positive position and support for cryptocurrencies , Harris has reiterated calls for industry regulation. She has, however, departed from current President Joe Biden's “crackdown” stance on cryptos, and traders are viewing this as a step forward, the report noted.

Further, rate cuts by the US Fed eral Reserve (Fed) in the future have also improved trader sentiment.

Bloomberg reported that Bitcoin options' volatility amid the coming elections is “elevated”, adding that most wagers are “skewed” towards call options. Call options give traders the right to buy Bitcoin at new highs.

Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk, “Both Presidential candidates have adopted pro-crypto stances to appeal to voters, but it's tough to say if any of their promises will come to pass.”

News.Az