QCP Capital: US election-related headlines will continue to intensify cryptocurrency market volatility

News on July 22, Singapore's cryptocurrency investment firm QCP Capital stated that the US election continues to drive volatility in risk assets, with Trump's assassination incident being the most affected. The major development last night was Biden withdrawing from the race and supporting Kamala Harris. This has led to unpredictable fluctuations in cryptocurrencies, with Bitcoin plummeting over 1000 points last night but rebounding to $68,000 today. Election-related headlines will continue to exacerbate market volatility, especially in the cryptocurrency market. The much-anticipated Trump is set to attend the Nashville Bitcoin Conference this weekend. Due to these uncertainties, options market volatility has intensified. In the past 24 hours, out-of-the-money option prices have risen sharply indicating that market expects more severe fluctuations. As clarity emerges around U.S elections and chances of a second rate cut before year-end increase we remain bullish on trading strategies that can yield higher returns during a rising market.