$ 4 billion in option expiration, Bitcoin and Ethereum begin to rise

When $ 4 billion worth of options expire, Bitcoin and Ethereum will begin to crash and fight as we can see more on our latest crypto news today.

The $ 4 billion option expires today, which can sometimes move prices as both cryptocurrencies start to fall. Bitcoin, Ethereum and the rest of the market have been hit for the past 24 hours. BTC and ETH fell 7.6% and 8% respectively on the past day. Bitcoin and Ethereum options are derivative contracts that give the buyer the right to buy the asset in the future at a certain price. To buy. This happened and happened and the market collapsed.

Bitcoin options, representing 83,700 BTC and 685,000 ETH, have expired, which is a record number of options contracts expiring in a day for ETH, and both assets are starting to struggle, leading traders to choose to sell. Ki-Young Ju, CEO of CryptoQuant, added that he believes this is evidence of a bear market, especially as supply to ETH is increasing on all exchanges, which means investors can sell investments:

“I think that makes sense [it is causing volatility] because it was the greatest option expiry ever [for Ethereum]. “

Bitcoin fell below the $ 30,000 price range for the first time since January, and ETH’s drop below the $ 2,000 price range is a number of reasons for the decline, but China remains against the bank, the central government, this week of the country, accountable. as well as the payment platform Alipay to stop the entire crypto business. This is just the latest in a series of actions by the country targeting the industry. Previously, the country had introduced a ban on BTC mining, bringing the price of this coin to a low level and doubling the ban on financial institutions and payment companies from 2017 onwards from participating in cryptocurrency transactions.

Chinese miners are looking beyond national borders to resume operations, which other experts believe is also fueling today’s price collapse. Alexandre Lores, NFT analyst at Quantum Economics, says it is “more a matter of technical selling pressure” as markets struggle:

“Bitcoin has been heavily rejected around the $ 35,000 mark and if it doesn’t break resistance at that level it will head for support around the $ 31,500 mark. If that support continues, Bitcoin could return to $ 35,000. Most of the coins on the market, such as Ether, are currently strongly correlated with BTC / USD. “

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