Bitcoin (BTC) has been on quite a rollercoaster ride in recent days, but the crypto staged a recovery above $69,000 this morning before returning to $68,000.

Currently, Bitcoin is priced at $68,991.46 after jumping 1.86% in the past 7 days. BTC’s 24-hour market volume is $34.83 billion, up 77.24%.

One of the driving forces behind Bitcoin price volatility can be attributed to the closely contested US presidential race in crucial swing states. As evidence of this, the Bitcoin Volatility Index has risen to its highest level since late July.

TradingView reports that leading crypto options exchange Deribit’s bitcoin implied volatility index (DVOL) has risen to 63.24% year-over-year, the highest since late July.

In fact, Bitcoin’s seven-day implied volatility has risen to 74.4% year-over-year, which is higher than the realized or historical seven-day volatility of 41.4%. Implied volatility follows the Fed meeting on Thursday and the impending election results on Friday.

Early this week, BTC was close to all-time highs, rising to $73,500 on Tuesday as Polymarket showed Donald Trump’s odds of winning had increased by 66%. Since then, however, Trump’s odds and BTC’s price have retreated, with the former’s odds of winning at 55% and the latter falling below $68,000 early today. Trump’s odds of winning went from 66% to 62% on October 31 and then reached 53% on November 3, according to market forecasts from Polymarket.

Also read: Kamala Harris’ win is bad for Bitcoin, Polymarket data shows