Bitcoin Surpasses $79,000, Traders Scramble to Add Bullish Exposure in Derivatives

Bitcoin reached over $79,500 in Asian trading hours, with futures premiums indicating a preference for bullish bets. The popularity of the $80,000 call on Deribit suggests potential dealer hedging around this key level. Traders are rushing to increase their bullish exposure in derivatives linked to bitcoin as it approaches the $80,000 mark. According to CoinDesk data, BTC has gained 15% in the past week, with most of the gains occurring after Donald Trump's victory in the US election, which has raised hopes for regulatory clarity in the digital assets industry.