Bitcoin Volatility Reaches Highest Level in 20 Months

As Bitcoin dropped below $50,000, a significant indicator of its volatility reached its highest point in 20 months.

This jump in volatility comes as futures traders are anticipating further price declines for Bitcoin in the near future.

Meanwhile, a well-known pseudonymous trader by the name of Yoddha has declared that this could potentially be the best buying opportunity of the year.

According to CoinMarketCap, the Bitcoin Volmex Implied Volatility Index reached a high of 97.14 on August 5, the same day that Bitcoin briefly fell below $50,000.

This is the highest level the index has seen since November 2022, when cryptocurrency exchange FTX experienced a major collapse. Although Bitcoin has since recovered and is currently trading at $56,676, futures traders are still expecting potential price drops ahead.