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Home»BITCOIN NEWS»Election Day 2024 could trigger a 10% move from all-time highs for BTC and Bitcoin –
BITCOIN NEWS

Election Day 2024 could trigger a 10% move from all-time highs for BTC and Bitcoin –

By Crypto FlexsOctober 31, 20244 Mins Read
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Election Day 2024 could trigger a 10% move from all-time highs for BTC and Bitcoin –
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With US Election Day casting a long shadow, BTC is teetering on the edge of chaos, and the possibility of a new Bitcoin all-time high seems very real.

Traders are on red alert with options markets hinting at a sharp 10% move – a cool $7,000 move – as the election drama between former President Donald Trump and Vice President Kamala Harris unfolds. It is a mixture of political and economic storms. Here’s what you need to know about how the options market is impacting Bitcoin’s all-time high.

Bitcoin’s highest price ever? Reading the Tea Leaves of the Options Market

Nick Forster, founder of on-chain options DeFi protocol Derive.xyz, explained the situation in an interview with Trustnodes:

“There is a 1 in 3 chance that BTC could see a move of more than 10% on Election Day, while the more volatile scenario of a 20% move is a 5% chance.” – Nick Forster, CEO of Derive.xyz

I don’t know about you, but I’ve had betting odds for Polymarket and Kalshi open on my laptop all week. According to Forster, many others appear to be doing the same, as his numbers highlight market expectations for significant price action related to the election results.

(Polymarket)

In options trading, a measure known as term structure indicates that short-term implied volatility is higher than long-term implied volatility, highlighting the market’s expectations of movement due to events.

Election Day Drama: Trump vs. Harris (Bitcoin at All-Time High?)

Against a backdrop of Federal Reserve interest rate cuts, the possible imprisonment of Trump and Hunter Biden, economic uncertainty, and accusations of Hitler, Election Day promises to be anything but unpredictable.

Polls show a tight race, with Pennsylvania, Nevada and Michigan emerging as pivotal battleground states. As of now, only six states will decide the election.

(Calsi)

Betting markets add another layer of opaque intrigue. While most predict a landslide victory for Trump, others argue that Kalshi and Polymarket are biased. This uncertainty impacts Bitcoin’s potential volatility as traders grapple with the implications of the two outcomes.

A new Bitcoin all-time high is on the horizon as the election results weigh in. BTC’s reaction is as unpredictable as the vote itself. current bitcoin





btc-bitcoin icon








is trading at $72,000, up 1%, and Trump’s victory could see BTC rise on a wave of cryptocurrency-friendly sentiment. But don’t be fooled. Some of this may already be reflected in current prices.

Meanwhile, Harris’ win could be shuffled to re-evaluate the markets, but how far that change goes is anyone’s guess.

Rep. Tom Emmer, a strong advocate for cryptocurrencies in Congress, believes: #Cryptocurrency No matter who wins the upcoming election, regulation is inevitable.

Speaking at the Messar Mainnet conference, Emmer said digital asset legislation will move forward. pic.twitter.com/1JTAnD8HOA

— 99Bitcoins (@99BitcoinsHQ) October 17, 2024

Looking beyond Election Day, Bitcoin’s implications will depend on broader political and economic policies. Both Trump and Harris bring different potential influences to the table. Trump’s rhetoric about creating a Bitcoin reserve fund suggests an optimistic near-term outlook, but his track record leaves room for skepticism.

Harris enters the ring offering crypto a ‘fresh handshake’. She promises less burden than Trump and a keen eye for clarity with the FIT21 Act, which could pave a golden path for Bitcoin’s future.

Who knows which candidates actually care about Bitcoin? I guess we’ll see soon enough in 6 days (or longer since there’s already some election shenanigans going on).

Don’t miss: Most Undervalued Most Popular Altcoins in November 2024

Final Thoughts on Election Day Price Impact

As the election approaches, Bitcoin supporters and investors need to prepare for the most important event for the price all year: an event bigger than the Bitcoin halving and the Federal Reserve’s interest rate cut.

The interplay between political outcomes and market reactions will set up a game whose fortunes can change instantly. This will likely impact AI, technology and Tesla beyond Bitcoin.

Be sure to check out 99Bitcoin’s YouTube channel for election coverage!

Explore: Elon Musk’s Shiba Inu Tweet Sparks Dogecoin Rally: Can We Reach 2021 Highs?

For the latest market updates, join the 99Bitcoins News Discord here.

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