Bitcoin and Ether Move Little as U.S. Votes

The latest price moves in crypto markets in context for Nov. 5, 2024.

Crypto markets are treading water ahead of the U.S. presidential election, with bitcoin showing little movement and Employers are looking for clues about what's next in the market. Cryptocurrency platform FTX has moved more than 32,000 BTC ($2.2 billion) worth of cryptocurrencies to unmarked wallet addresses, often signaling an imminent move of coins to exchanges, putting selling pressure on the leading cryptocurrency.

The leading cryptocurrency traded just below par in the early hours of the European morning at $68,800, little changed over the past 24 hours. The broader digital asset market, measured by the CoinDesk 20 Index, fell just over 0.5%.

DOGE is the only major coin in the green, gaining nearly 10% in the past 24 hours. The meme currency has surged more than 40% in the past month thanks to tech entrepreneur Elon Musk's renewed endorsement as part of the Republican campaign. Musk has proposed creating the Department of Government Efficiency — referred to as D.O.G.E., an obvious nod to the currency — as an agency that would make government spending and monetary planning more effective. Observers expect further gains if Donald Trump wins, but many analysts expect a broad market rally after the election regardless of who wins.

Leading cryptocurrency traders are betting on a potential decline in the wake of the election, as they buy put options that expire in a week. A call option gives the buyer the right, but not the obligation, to purchase the underlying asset at a predetermined price at a later date. A put option gives the right to sell. Researchers at CF Benchmarks told CoinDesk that by factoring in a risk reversal with a delta of 0.25 we can see that contracts expiring within a week are slightly negative - meaning put options are more expensive than put options - compared to longer expirations of either two weeks or 30 days, The skew returns to be positive again, and the pricing of longer duration options is favored in favor of call options, indicating a broader constructive outlook.

- Omkar Godbole, edited by Sheldon Riback.

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Jamie Crowley is a London-based CoinDesk news reporter.

Omkar Godbole is one of the Co-Heads of the Markets Team at CoinDesk.

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