Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Speculation is rife that Trump may announce a bigger role for BTC in the U.S. financial system, according to one observer.
"This week we’re going to hear Trump speak at the Nashville Bitcoin conference. As long as Trump remains a front-runner, this is a potential catalyst for"something to happen” this week. The derivative markets seem to agree, and we’re seeing pricing support the “something is about to happen” narrative." Greg Magadini, director of derivatives at Amberdata, said in an email.
Hence, trading desks typically use the term"butterfly" to indicate the extent of change in the volatility smile or the volatility profile of options at various strike levels and expiration dates. When butterflies become costly, it suggests that the volatility smile has steepened, a sign of the potential for extreme or unexpected events to affect market outcomes.
"Speculation is high that he will announce bitcoin as a strategic reserve asset, which could trigger a parabolic rise in bitcoin's price," Markus Thielen, founder of 10x Research, said in Monday's edition of the newsletter."Taking profit, or even shorting bitcoin ahead of Trump’s Nashville speech, could turn out to be an expensive exercise."
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