US Election Enters Final Sprint: Markets on High Alert as Option Prices Soar to 8%

invest.com-On Wednesday (6th), the US election entered its sprint phase, and the Bitcoin market rose 7.6% on the day, topping $73,000 for the first time since October 29.

Trump has promised that if he returns to the White House, creates a strategic bitcoin reserve and appoints digital-asset-loving regulators, he is the most industry-friendly candidate to position the United States as the global cryptocurrency capital.

More than 20 US states have opened polls for the 2024 presidential election, including North Carolina, Delaware, Georgia, Michigan, Pennsylvania and Massachusetts.

CME Group’s Bitcoin options pricing shows that Bitcoin’s 30-day implied volatility has reached its highest level since August (when Japanese stocks plunged into the “Black Monday” market). Option pricing also suggests that Bitcoin’s expected volatility the day after the vote will reach around 8%, four times the normal level.

Co-founder and CEO of Unocoin Satvik Vishwanath said that Bitcoin has a certain cyclical nature, it usually has strong growth at the end of the year and a similar trend could be repeated in 2024. Historical trends show that Bitcoin rose an average of 26% in October, 36% in November, and 11% in December, supporting optimistic expectations that Bitcoin could surpass $100,000.

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