30s Summary

Bitcoin traders are buying short-term protections on Bitcoin in anticipation of potential volatility following the U.S. elections. This is evident in the expensive put options on the CME’s Bitcoin options market expiring within a week, indicating protection against potential price drops. However, long-term perspectives seem positive with predictions of Bitcoin price surging to $80,000 or more by year-end. Recently, Bitcoin’s price dipped from over $73,500 to $68,000 within a week. The elections could cause a swing in Bitcoin’s price ranging from $6,000 to $8,000.

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If you’re a Bitcoin trader and you’re a bit nervy about the upcoming U.S. elections, you’re not alone! CoinDesk reports there’s a noticeable demand for short-term financial protections on Bitcoin as traders anticipate the turbulence of the election result.

This trend was observed on the CME’s Bitcoin options market where put options (financial contracts that give the owner the right to sell assets at an agreed price) set to expire within a week, were more expensive than ever. This suggests traders are looking to protect against potential price drops.

What’s interesting is that everyone seems much more chill about longer-term prospects with the majority predicting a positive outcome. So much so, there are expected surges in the price of Bitcoin to $80,000 and even higher by the close of the year.

In the short-term, however, Bitcoin’s price has experienced a dip from near-record highs of over $73,500 to $68.000 in just a week. Overall expectations suggest the overall outcome of the elections could cause a swing in Bitcoin’s price range from between $6,000 – $8,000.

As we always say, when trading crypto, buckle up for a wild ride!