US Election Sparks Bitcoin Volatility; Traders Eye $80,000 Target
Bitcoin traders are bracing themselves for increased volatility as the US election draws near on November 5. Data from DeFi derivatives platform Derive suggests that price swings could reach as high as 20%. Derive founder Nick Forster stated that the concentration of bets around an $80,000 Bitcoin strike price and the prevalence of short-term call sales indicate traders’ preparation for potential price movements. Over 47% of options sold in the last 24 hours were calls, highlighting traders’ desire to capitalize on juiced premiums resulting from election-related volatility. This trend suggests that the US election could trigger immediate effects on Bitcoin’s price, potentially causing sharp swings. Traders are also paying more for options as a protective measure, indicating their anticipation of larger price shifts and willingness to manage risk. With the election fast approaching, the focus remains on whether Bitcoin will experience substantial price action tied to the election results.