The Impact of the US Election on Bitcoin and Other Cryptocurrencies

Bittime - As the 2024 US presidential election approaches, many are wondering how the election results will affect the Bitcoin and other cryptocurrency markets. Investors are bracing for significant fluctuations after the election. 

Their attention is focused on Bitcoin price movements which are currently at the level of $68,444 (Rp. 1,084 billion). With political uncertainty hanging over the market, this dynamic could have a major impact not only on Bitcoin but also on the entire cryptocurrency ecosystem.

Bloomberg reported that after a major drop in global markets in August, Bitcoin's 30-day latent volatility index peaked. This index, created by CF Benchmarks, is based on Bitcoin option prices on the CME, indicating signs of uncertainty in the market. 

The high volatility in this index indicates that Bitcoin investors are preparing for various possible outcomes of the US election.

Expected Fluctuations Post US Election

Caroline Mauron, co-founder of Orbit Markets, noted that the market is expecting an 8% fluctuation in the day after the election. This figure is much higher compared to normal volatility which is usually only around 2%. 

Interestingly, Mauron also explained that no significant fluctuating premiums are expected in the market after November 7th. This indicates hope that the election results will be confirmed quickly. 

Read also: What will be the lowest price of Bitcoin in 2024? This is Analyst Prediction

However, with public opinion polls showing tight competition, this prediction may be too optimistic. Investors remain alert to various possible scenarios.

Bitcoin Price Movement Estimated Between $60,000 and $80,000

The strategy taken by Bitcoin investors ahead of the election reflects an even split between buy and sell options. This shows that they are adopting a dual approach in dealing with the upcoming uncertainty. 

According to a report from Derive.xyz, this double position could cause Bitcoin prices to fluctuate between $60,000 (Rp. 942 million) and $80,000 (Rp. 1.256 billion) in November. 

Data from Deribit also confirms the expected movement in this range. A high level of open interest in the options market indicates that investors are speculating across a wide price spectrum.

In the midst of this uncertainty, investors are taking steps to protect themselves from possible fluctuations. Currently, BTC is trading at $68,444 (Rp. 1,084 billion), recording a rise of 0.63% in the last 24 hours. 

With so many factors influencing the market, it is important for investors to remain vigilant and ready to adapt to rapid changes.

Read also: What is a Bitcoin ATM? Definition and List of Providers

Conclusion

The impact of the US election on Bitcoin and the cryptocurrency market as a whole will depend largely on the outcome of the election and the market's reaction to it. Political uncertainty and expected price fluctuations add layers of complexity for investors. 

In conditions like these, understanding and preparing for various scenarios is the key to maintaining investment stability. In the ever-changing crypto world, being prepared to deal with market fluctuations is one of the best strategies to take.

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