As price fluctuations in cryptocurrencies continue, companies keep making comments about the future. Despite Bitcoin reaching $70,000 and then dropping to $66,000, uncertainties persist.
Bitcoin Comments
According to a statement by Kaiko, a leading market analysis firm, investors expect a rise in Bitcoin (BTC) due to the upcoming presidential elections.
In a new series of statements, the Kaiko team noted that derivative investors have conducted transactions worth tens of millions of dollars in BTC, betting on its rise based on the new election contracts of the crypto options exchange Deribit.
Option traders flocked to bullish bets on BTC for Deribit’s new US election contracts. The option contracts, expiring three days after the US Presidential elections on November 8, went live on July 18. Investors purchased $41 million worth of BTC calls on Tuesday, July 23. Weekend trading volumes surged on Saturday during former President Donald Trump’s speech at the Bitcoin 2024 conference in Nashville. Option traders bought $8 million worth of calls on the last day of the conference.
According to the Kaiko team, the increase in the number of contracts indicates that traders believe the crypto-friendly Republican candidate Donald Trump is likely to win the election.
These bullish transactions likely reflect traders’ growing belief that the former President will win in November. The Republican candidate stated on Saturday that he would embrace cryptocurrency and Bitcoin technology and promised not to sell the BTC seized by the US government if elected.
Deribit first offered presidential election futures products to investors on July 8 to enable its customers to trade on the upcoming elections.
How Much is One Bitcoin in TL?
Despite the recent FED interest rate decision, there was no significant change in BTC price, but things changed after statements from Iran. The price of Bitcoin suddenly dropped from $66,200 to $65,500.
Following the drop, the BTC/TRY pair also declined, and the price became 2,178,000 TL. During this period, BTC’s market cap fell below $1.3 trillion again, while the trading volume stood at $27.4 billion after a 10% drop, indicating that investors are still uncertain and hesitant about BTC.
