QCP Capital analysts suggest that U.S. election news will continue to drive crypto market volatility as the presidential outcome will shape the future of digital assets in America and possibly worldwide.

In a recent report, QCP Capital highlighted the impact of political events on crypto price movements. For instance, following the failed assassination attempt on former U.S. President Donald Trump in Pennsylvania on July 13, Bitcoin (BTC) and the broader digital currency market experienced an uptick in value. Data indicates that the total crypto market surged by over 10% in the following week, with Bitcoin reclaiming $68,000.

Additionally, news of President Joe Biden’s exit from the presidential race caused significant market turbulence. Bitcoin dropped nearly $1,000 over the weekend before regaining strength and climbing back above $67,500.

According to QCP Capital, the upcoming Nashville Bitcoin conference could be another catalyst for price swings. Trump is expected to speak at the event, and there are speculations he might announce a strategic national Bitcoin reserve.

“Prices for out-of-the-money options have increased significantly in the past 24 hours, indicating expectations for more extreme market movements,” analysts noted.

QCP analysts also pointed out that the digital asset options market has been experiencing heightened volatility due to uncertainties surrounding the presidential election. Despite the market’s current volatility, the firm predicts potential upside movements. Anticipated Federal Reserve rate cuts and a pro-crypto U.S. election result were cited as factors that could drive price increases.

For more updates and in-depth analysis, continue exploring news on Global Crypto News.

Post Views: 8