Bitcoin(BTC) has been on quite a rollercoaster ride in the past few days, however, the crypto did see a rebound above $69K, this morning, before swinging back to $68K.
At present, Bitcoin is $68,991.46 after a jump of 1.86% in the past 7 days. BTC’s 24 hour market volume stands at $34.83B, seeing a 77.24% jump.
One of the prime mover in the volatility in Bitcoin prices can be attributed to the hard contested U.S. presidential race in crucial swing states. As a testament to this, Bitcoin volatility index has jumped to its highest since late July.
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TradingView reports that leading crypto options exchange Deribit’s bitcoin implied volatility index (DVOL) rose to an annualized 63.24%, the highest since late July.
In fact, Bitcoin’s seven-day implied volatility has spiked to an annualized 74.4%, which is higher than the 7-day realized or historical volatility of 41.4%. The implied volatility is tracking the Fed meeting due Thursday and the impending election results on Friday.
Early this week, BTC had almost touched the all-time high, and rose to $73,500 Tuesday as Polymarket showed Donald Trump winning odds rising at 66%. Since then, however, Trump’s odds and BTC’s price have recoiled, with the former’s winning odds at 55% and latter falling below $68,000 early today. Trump’s winning probability went from 66% and hit 62% on 31st October before hitting 53% on November 3, according to market predictions by Polymarket.
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Also Read: Kamala Harris’s win is bad for Bitcoin, Polymarket data shows
