Opinion: Overnight stock market gains provide support for Bitcoin, and “Trump’s victory expectations” continue to influence the market

Odaily News Tony Sycamore, market analyst at IG Australia Pty, wrote in a note that bitcoin was supported by overnight gains in stock markets and continues to "expect a Trump victory" in price performance. He added that bitcoin needs to stay above $70,000 to boost market confidence that it will break through the record of $73,798 set in March. Regardless of who wins the election, options traders have increased bets that bitcoin will peak at $80,000 by the end of November, with implied volatility rising around Election Day on November 5. U.S. spot bitcoin ETFs have attracted about $3.1 billion in net inflows so far this month. (Bloomberg)