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

Tony Sycamore, market analyst at IG Australia Pty, wrote in a note that overnight stock market gains provided support for Bitcoin and continued to "expect a Trump victory" in price performance. He added that Bitcoin needs to stay above $70,000 to boost market confidence that Bitcoin will break 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 in late November, with implied volatility rising around the November 5 election day. U.S. spot Bitcoin ETFs have attracted about $3.1 billion in net inflows so far this month. (Bloomberg)