Bitfinex Alpha Report Predicts High Volatility in Crypto Market as U.S. Election Nears

Bitfinex Alpha latest report highlights potential market turbulence for Bitcoin and altcoins as the U.S. election approaches. Bitcoin rising dominance poses challenges for altcoins lacking new catalysts.

Bitfinex Alpha has released an insightful analysis forecasting volatility for the crypto market, especially Bitcoin, as the U.S. presidential election draws near. Last week, Bitcoin neared its all-time high, only to experience a swift dip, with investor sentiment shifting in response to the so-called “Trump Trade” narrative. Speculation around a potential Republican win initially sparked optimism among Bitcoin advocates, but fluctuating election predictions have kept the market’s path uncertain. Trump’s probability of winning fell from 64.9% to 56%, signaling a shift in investor expectations.

The report underscores that Bitcoin’s implied volatility in front-end contracts has remained stable, suggesting a cautious approach among investors. However, Bitfinex Alpha anticipates that volatility will increase significantly between November 5 and 8, once election results are announced. This event could trigger sharp market swings, potentially impacting Bitcoin and other cryptocurrencies.

Additionally, the report reveals Bitcoin’s growing dominance, now reaching over 60%, which poses a challenge for altcoins struggling to gain traction. With limited catalysts for altcoin growth, Bitcoin’s dominance indicates that the majority of inflows are directed towards the flagship cryptocurrency, leaving altcoins in a tough position.

Bitfinex Alpha’s analysis highlights the influence of political events on crypto markets, underscoring a wait-and-watch sentiment among investors. The outcome of the U.S. election may bring heightened activity and renewed momentum, particularly for Bitcoin, while altcoins await fresh drivers to regain investor interest.

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