BTC options implied volatility is surging ahead of Trump's upcoming appearance at Bitcoin 2024: analysts
Quick Take
- Prices for out-of-the-money bitcoin options are increasing ahead of former U.S. president Donald Trump’s appearance at Bitcoin 2024.
- A positive statement from Trump about bitcoin at the conference in Nashville could trigger a price surge for the digital asset, an analyst claimed.
Donald Trump’s upcoming appearance at the Nashville Bitcoin conference this weekend is one factor driving current bitcoin market volatility, analysts said.
"Prices for out-of-the-money options have increased significantly, indicating expectations for more extreme market movements," QCP Capital analysts said. The increased demand and higher prices for these options reflect a broader sentiment of anticipation among market participants.
Bitcoin options open interest on Deribit reflects this sentiment, with BTC options implied volatility rising from 53% to 67% over the past week, according to data from the derivatives exchange.
Trump's upcoming speech at Nashville Bitcoin conference
BRN analyst Valentin Fournier observed a similar trend, stating that a volatile week is expected due to several key events. These include Donald Trump's speech at Bitcoin 2024, spot bitcoin exchange-traded fund inflows, and the U.S. GDP and Personal Consumption Expenditures Price Index reports on Thursday.
"Former president Trump’s speech at Bitcoin 2024 is highly anticipated, with speculation that he might announce the creation of a U.S. bitcoin strategic reserve, such an announcement could act as a major catalyst, potentially pushing bitcoin past its previous all-time highs. Positive declarations by Trump about bitcoin could trigger a price surge," Fournier told The Block. He added that anticipation of imminent rate cuts could also fuel bullish sentiment for bitcoin.
Bitcoin's price traded flat over the past 24 hours and is now trading at $66,888 as of the time of writing, according to The Block's Price Page.
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