Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The tight presidential race means the election could move BTC by $6,000 to $8,000, Amberdata's Greg Magadini estimates.price volatility may soon have it their way as derivatives experts suggest the impending U.S. presidential election could trigger price swings matching the dramatic movements of early August.
Bitcoin last saw a similar price swing in early August when the unwinding of the so-called risk-on yen carry traders led to broad-based risk aversion, sending BTC down to $50,000.show Republican candidate Donald Trump, perceived to be crypto-friendly, and his rival Democrat Kamala Harris are locked in a tight race in seven swing states.
Recall that volatility is bi-directional, meaning expected price swings could happen in either direction. That said, options traders have been preparing for bullish volatility, purchasing calls at $70,000, $85,000, and $90,000 strikes on Deribit and the Chicago Mercantile Exchange. Lim added that the volatility curve is pricing a 7%-8% move around critical events of the week, mainly Thursday's Fed rate decision and the expected U.S. election outcome on Friday., the native token of Ethereum's blockchain and the world's second-largest cryptocurrency by market value, has historically been more volatile than BTC. That's unlikely to change with the U.S. election.
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