Bitcoin Briefly Rebounded Above $69K, but Now Back to $68K
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.
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.
Courtesy: TradingView
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.
