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Bitcoin Traders Have Brushed off Twitter Hack, Skew Data Shows

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Thu, 07/16/2020 - 15:54
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Alex Dovbnya
Options traders do not expect Bitcoin price to make a significant move after Twitter hack news
Bitcoin Traders Have Brushed off Twitter Hack, Skew Data Shows
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According to Skew data, Bitcoin’s implied volatility remained subdued despite massive coverage related to the Twitter hack news. 

This means that the options market does not expect the BTC price to be significantly affected by this black swan event, according to the company’s analysis:

"There doesn't seem to be a major concern about this unexpected event triggering a move in the bitcoin price."

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Most Bitcoin Holders Taking Bitcoin to Their Graves If Its Price Doesn’t Break Above $10,000

The great Twitter hack didn’t trigger a sell off

Bitcoin’s one-month implied volatility (IV), which reflects traders’ expectations about BTC’s price action over a specified period of time, is sitting below 55 percent.

Skew
Image by @skewdotcom

On July 16, the leading cryptocurrency dipped a modest two percent to its intraday low of $9,026 on Bitstamp.

However, given the severity of the reputation damage inflicted by the hackers, some traders expected to see more panic selling.

As reported by U.Today, the Twitter accounts of Barack Obama, Joe Biden, and Kim Kardashian (among many others) were compromised to promote an advance-fee Bitcoin scam.

Related
Bitcoin Price Likely to Plunge Below $7,000 Before Spiking to $20,000: Trader Josh Rager

No volatility until Q4

Bitcoin’s IV has dropped sharply over the past month, meaning that the rest of the summer is likely to be uneventful for traders.

It jumped to nearly 200 percent after the BTC price collapsed 51 percent overnight on “Black Thursday,” March 13, but then it began to gradually decline.

As reported by U.Today, Interlapse CEO Wayne Chen opined that Bitcoin wouldn’t make a major move until September or October.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.