By Omkar Godbole (All times ET unless indicated otherwise)

It's a tough market to trade as bitcoin's (BTC) price swings sharply. Following a late Thursday drop from $123,000 to $120,000, BTC has recovered to trade around $121,400, with privacy coins such as Zcash (ZEC) and dash (DASH) rising sharply. The CoinDesk 20 Index has bounced to 4,178 points from the overnight low of 4,097.

BTC's volatility has picked up, likely in expectation of another Fed rate cut later this month.

"Bitcoin volatility is poised for a breakout. Implied volatilities across 14, 30, and 90-day expiries have surged to their highest levels in the past 30 days, pointing to increased anticipation of big moves ahead," Nick Forster, founder of decentralized exchange Derive, said.

Forster added that the so-called vol s

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