Bitcoin
US Elections Will Continue to Drive Crypto Volatility: Report
Analysts at QCP Capital said that news about the US election will continue to induce volatility in the cryptocurrency market as the presidential outcome will shape the future of digital assets in America and perhaps globally.
QCP Capital Monday report price movements following the failed assassination attempt on former US President Donald Trump as an example of the election’s impact on digital assets. As crypto.news previously noted, Bitcoin (BTC) and the broader virtual currency market has experienced a increase in value after the event in Pennsylvania on July 13.
Data shows that the overall cryptocurrency market has gained over 10% in the following week, with Bitcoin recently reclaiming $68,000. News about the election of President Joe Biden exit The rally also shook markets. Bitcoin fell nearly $1,000 over the weekend before regaining strength and climbing back above $67,500.
According to QCP Capital, the Nashville Bitcoin conference could be the next event to trigger price swings. Trump is expected to speak at the summit, and there are rumors that he may promise a strategic national reserve of Bitcoin.
BTC Price Chart | Source: Trading view
Cryptocurrency Options Market
Analysts at QCP added that volatility has also hit digital asset options markets due to uncertainty surrounding the outcome of the presidential election.
“Out-of-the-money option prices have increased significantly over the past 24 hours, indicating expectations of more extreme market moves,” analysts noted.
Volatility may be thick in the market, but the firm predicted that bullish moves are likely. Anticipated rate cuts from the Federal Reserve and a pro-crypto election outcome in the US have been suggested as reasons for the price increases.