Strong Institutional Interest in Bitcoin Calls
Despite a recent drop in spot price, data shows significant institutional interest in December 2024 $100,000 calls for Bitcoin. This suggests a high level of confidence in a potential year-end rally for the leading cryptocurrency, especially with the increasing likelihood of former US President Donald Trump’s return to power.
Sizeable Institutional Interest
According to the latest report from QCP Capital, a crypto trading firm, Bitcoin has shown resilience in its price action despite challenges like the Mt. Gox supply overhang and a downtrend in equities. This stability could indicate that the market has overcome previous concerns and is on a more solid footing.
Perpetual funding rates have returned to normal levels, volatility is on the decline, and Bitcoin seems to have found a comfortable trading range between $61,000 and $71,000, a range it maintained throughout the second quarter. In the short term, the spot price of Bitcoin may continue to trade within this range, especially with traders holding significant positions in the July 26th $67,000 strike.
The Market Anticipation for a Breakout as US Elections Approach
As the US elections draw near, the market is showing strong anticipation for a breakout. Institutional interest in December $100,000 calls is on the rise, indicating a belief in a year-end rally, particularly with the increasing chances of a Trump victory.
Tech Industry Backing for Trump
In recent months, public support for Trump within the tech industry has seen a significant increase. His running mate, Ohio Senator J.D. Vance, brings not only venture capitalist experience but also a strong advocacy for Bitcoin and other cryptocurrencies.
Trump’s new stance on Bitcoin has garnered support from influential tech figures, many with crypto affiliations. Notable endorsements and financial backing have come from individuals like Elon Musk, the Winklevoss twins, and partners at venture capital firms like Andreessen Horowitz.
Trump’s Popularity Despite Biden’s Pragmatism
While the Biden administration has shown pragmatism in approving spot Ethereum ETFs, Trump remains a popular choice among investors. Despite this, the market is bracing for a potential breakout as the elections approach, with institutional interest in call options indicating a positive outlook for a year-end rally.
Could Biden’s Victory Impact the Future of Cryptocurrency in the US?
With the upcoming US elections, there is speculation about how a potential Biden victory could affect the cryptocurrency industry. Standard Chartered’s prediction of Bitcoin reaching $150,000 if Trump wins has raised questions about what might happen if Biden takes the presidency.
Biden, who faces pressure from his own party following a disastrous debate with Trump, has hinted at possibly reconsidering his candidacy if a medical condition arises. A survey by AP NORC also indicates that many Democrats believe he should step aside for someone else.
Crypto Community Divided Over Political Support
As support for Trump grows within the crypto community, discussions about the industry’s future under different leaderships are gaining momentum. Ethereum co-founder Vitalik Buterin has warned against blindly supporting candidates who claim to back digital assets without a complete understanding of the technology.
The Impact of Political Candidates on the Crypto Industry
In a recent social media post, a prominent figure in the crypto industry refrained from mentioning any specific names when discussing the potential impact of political candidates on the industry. Despite this, the post still received criticism from Cardano’s Charles Hoskinson, who strongly disagreed with the executive’s stance.
Hoskinson warned that re-electing a certain candidate, believed to be Joe Biden, could lead to the downfall of the American crypto industry. This statement has sparked a debate within the community about the future of crypto regulation and innovation under different political leadership.
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