As the U.S. presidential race heats up, Bitcoin has smashed through previous records, hitting an all-time high of $75,000! This spike comes as Donald Trump takes an early lead, with crypto traders rallying around BTC as a hedge against the volatility that follows election-related news.
š Election Volatility Fuels BTC Surge
Bitcoin initially gained over 3% at the New York market open, hitting $70,577 before the final push to $75K. Market watchers believe that the anticipation of Trumpās potential victory is adding fuel to Bitcoinās rise. Analysts have pointed out a correlation between Trumpās rising odds on platforms like Polymarket and BTCās price increase.
š„ Why Traders are Bullish on BTC During Election Turbulence
1. Political Uncertainty = Safe-Haven Demand: Traders view BTC as a secure investment during volatile times, especially with Trumpās pro-business stance favoring Bitcoinās growth.
2. ETF Movements: A rare day of robust outflows from Spot Bitcoin ETFs on Nov. 4 shows high activity, with $541.1M in outflows across major players like Fidelity and Grayscale, while BlackRockās IBIT saw $38.3M in inflows.
3. Bullish Option Bets: Traders are piling into options with strike prices between $72,000 and $75,000, with notable buying for Nov. 7, 15, and 29. However, some caution remains, with $64K put options indicating a bit of protective sentiment.
š” Whatās Next? Volatility Expected Post-Election
While Bitcoin has hit a historic high, market analysts are warning of potential swings post-election. The combination of election results and Bitcoinās natural volatility suggests we could see more price movements in the coming days.
Will BTC continue its rally if Trump maintains his lead, or will volatility pull it back? Stay tuned as the crypto world braces for an exciting week!
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