This Week's Most Important News in Bitcoin May Be Trump: All Eyes on the Weekend
According to cryptocurrency analysts, Donald Trump's speech at the Bitcoin Conference this weekend will be one of the main reasons for the fluctuation in the Bitcoin market.
âPrices for out-of-the-money options have increased significantly, indicating expectations for more extreme market moves,â QCP Capital analysts said. The increase in demand for these options and the rise in prices reflect a broader sense of expectation among market participants.
Bitcoin options open positions on Deribit reflect this sentiment, with the implied volatility of options rising from 53 percent to 67 percent last week, according to data from the derivatives exchange.
Trump's speech is expected at the weekend
BRN analyst Valentin Fournier also observed a similar trend and stated that they expect a volatile week due to several important events. These events include Donald Trump's Bitcoin 2024 speech, spot Bitcoin exchange-traded fund inflows, and US GDP and Personal Consumption Expenditure Price Index reports to be released on Thursday.
Fournier said, âFormer President Trump's Bitcoin 2024 speech is awaited with great interest and there is speculation that he may announce the creation of a Bitcoin strategic reserve in the United States. Such an announcement could act as a major catalyst that could push Bitcoin beyond previous all-time highs. "Trump's positive statements about Bitcoin may trigger a price increase," he said. He also added that the expectation of upcoming interest rate cuts could also fuel bullish sentiment for Bitcoin.
These developments are among the important events that market participants should watch carefully, and Trump's speech appears to have the potential to have a significant impact on Bitcoin prices.
