Bitcoin, which has been on a steep upward trend recently, is taking a breather ahead of breaking through the $70,000 mark.
As of 9:00 AM on the 23rd, Bitcoin recorded 92.95 million won on Upbit, a domestic virtual asset exchange, up 0.76% from the previous day. On Bithumb, it is being traded at 92.9 million won, up 0.15% from the previous day. On CoinMarketCap, a virtual asset market relay site, it was showing a 0.03% strong rally compared to 24 hours ago, at $67,402.
At the same time, Ethereum recorded 3.61 million won on Upbit, down 1.1% from the previous day, and 3.61 million won on Bithumb, down 0.22% from 24 hours ago. On CoinMarketCap, it was trading at $2,624, down 1.54% from the previous day.
Recently, Bitcoin, which was rapidly rising ahead of the US presidential election on the 5th of next month, has been stalling at the $67,000 level. However, there are predictions that Bitcoin could reach $80,000 by the end of November. Bloomberg News reported on the 22nd (local time) that Bitcoin options investors are increasing their investments, expecting the price to rise by the end of next month regardless of the US presidential election results.
A call option is the right to purchase an asset at a predetermined price at a certain point in time. The strike price for Bitcoin call options for investors was concentrated around $75,000 on November 8, and $80,000 on November 29. This is interpreted as meaning that there are many investors who want to buy Bitcoin at $80,000 by the end of next month.
“The market assessment is that Bitcoin is likely to perform well regardless of the election results,” said David Rowant, head of research at virtual asset brokerage FalconX. “Options trading related to the election is mostly focused on the upside (price increase).”
