Options Traders Drop Their Election Hedges as BTC Retakes $78,500, and Zcash Leverage Jumps 28% Before Its Upgrade

In Bitcoin news today, options traders dropped the hedges they had bought for the US midterms, pulling Bitcoin’s implied volatility to its lowest level since the Binance hack as BTC USD price climbed back to $78,570. Deribit’s DVOL index , which tracks how much Bitcoin traders expect the price to swing over the next 30 days, fell as low as 37.03 this morning. It stood at 40.76 at midday on Tuesday, as Americans started voting. The price has recovered with it. Bitcoin trades at $78,570 on Binance, 3.7% above the $75,736 low it hit as results came in overnight. Altcoin traders are taking more risk. Open interest in Zcash futures on OKX jumped 28% in 24 hours to $196 million, a day and a half before the network’s NU7 upgrade.

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