Tony Sycamore, a market analyst at IG Australia Pty, pointed out in a report that the overnight stock market rally has provided support for Bitcoin and continues to view Trump's potential victory as anticipated. Bitcoin needs to stay above $70,000 to bolster market confidence in breaking the record of $73,798 set in March. Options traders have increased their bets that Bitcoin will peak at $80,000 by the end of November, with implied volatility rising before and after the election on November 5. The U.S. spot Bitcoin ETF has so far attracted approximately $3.10 billion in net inflows.

Odaily Planet Daily reports that Tony Sycamore, a market analyst at IG Australia Pty, stated in a report that the overnight stock market rally has provided support for Bitcoin, which continues to price in the expectation of a Trump victory. He added that Bitcoin needs to maintain a price above $70,000 to enhance market confidence in breaking the record of $73,798 set in March.

Regardless of who wins the election, options traders have increased their bets that Bitcoin will peak at $80,000 by the end of November, with implied volatility rising around the election date on November 5. So far this month, the U.S. spot Bitcoin ETF has attracted approximately $3.10 billion in net inflows. (Bloomberg)