Incoming volatility: As the election is coming, Bitcoin traders are raising their leverage
It is the last day before the most important election of the world in terms of its impact on the world economy and the world is eagerly awaiting to see who will be the next president of the United States.
We are only one day out from the most important presidential election in the world, the US election, which will have a massive impact on the world economy including cryptocurrencies such as Bitcoin and altcoins as well as traditional markets in the upcoming years.
We are approaching the elections and BTC is surging and showing strength along with stock market and gold having a phase of consolidation.
This has a clear message and that’s the fact that investors believe that the benchmark cryptocurrency will make a good profit from any sort of incoming volatilities in the markets around the world which are caused by the elections.
Different companies have included Bitcoin to their balance sheets as a reserve asset which boosts BTC’s status as a safe asset which signifies that BTC is rare and very solid during hard times of the market which makes it a great hedge for economic uncertainty.
According to an analytics firm’s report, the leverage that is used to trade BTC is increasing at a fast pace by the traders which is a harbinger of a possible incoming volatility.
Bitcoin has been traded at a rate of around $13K which shows that it has been consolidating in the last week. Even in the last week its price reached $14.1K although it couldn’t stay there and got back to the $13K channel. Since then, the price has recovered and is going to touch its $13.8K resistance level.
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