Bitcoin surged above $72,000 Tuesday morning, blasting past $70,000 for the first time since June as investors rediscovered their appetite for “risk-on” assets.
However, Bitcoin’s upward movement comes as traders brace themselves for increased volatility in the run-up to the U.S. election on November 5, with estimates for price swings as high as 20%.
It’s not just the election that’s driving volatility, with this week set to see a new U.S. gross domestic product report for Q3, along with personal consumption data (which is used to track inflation), and a new jobs report on Friday.
Still, Bitcoin traders are bullish that the cryptocurrency could post a new all-time high, with a high concentration of bets around an $80,000 strike price.
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