Elections do not scare: Bitcoin to $80,000

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.