Donald Trump’s Upcoming Appearance at the Nashville Bitcoin Conference

Donald Trump’s upcoming appearance at the Nashville Bitcoin conference this weekend is one factor driving current bitcoin market volatility, analysts said.

Market Movements

Prices for out-of-the-money options have increased significantly, indicating expectations for more extreme market movements. QCP Capital analysts noted that the increased demand and higher prices for these options reflect broader anticipation among market participants.

Bitcoin options open interest on Deribit mirrors this sentiment, with BTC +4.83% options implied volatility rising from 53% to 67% over the past week, according to derivatives exchange data.

Anticipated Events

BRN analyst Valentin Fournier observed a similar trend, stating that a volatile week is expected due to several key events, including Trump’s speech at Bitcoin 2024, spot bitcoin exchange-traded fund inflows, and reports on U.S. GDP and Personal Consumption Expenditures Price Index on Thursday.

Former President Trump’s speech at Bitcoin 2024 is highly anticipated, with speculation about an announcement regarding a U.S. bitcoin strategic reserve. Such an announcement could be a major catalyst, potentially pushing bitcoin past its previous all-time highs. Fournier added that positive statements from Trump about bitcoin could trigger a price surge, alongside anticipation of imminent rate cuts fueling bullish sentiment for bitcoin.

Current Bitcoin Price

Bitcoin’s price traded flat over the past 24 hours and is currently at $66,888 as of the time of writing, according to The Block’s Price Page.