Bitcoin soared to $69,000, driven by speculation regarding Donald Trump's potential victory in the U.S. presidential election. Analysts noted a growing correlation between Bitcoin's price movements and Trump's election odds, which recently reached about 60%, according to platforms like Kalshi and Polymarket. A report from Deribit indicates that Bitcoin's Open Interest for call contracts due at the end of November is heavily centered around $80,000, suggesting traders expect Bitcoin to reach this level by that time. While Justin Lawant from FalconX believes Bitcoin will perform well irrespective of the election's outcome, analysts highlighted that current sentiment in the market is influenced by Trump’s potential reforms affecting the cryptocurrency sector, including SEC regulations and tax policies. Despite the overall bullish sentiment, other markets display uncertainty due to the tightly contested race between Republican and Democrat candidates. Recently, Trump also launched his World Liberty Financial token, which did not meet trading expectations, leaving a significant number of tokens unsold.

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