According to Skew’s data, 78,000 Bitcoin option contracts (BTC) are expiring today. Will there be turbulence in the crypto market once again?
Bitcoin is correcting, here we show you the key support levels
We can’t let our guard down
The crypto market has recovered its characteristic volatility and therefore we must be aware of it if we want to survive.
One of the key elements today will be the expiration of 78,000 Crypto Engine option contracts. For those who don’t know the exact financial instrument, an option gives the right to buy assets at a specific price on a specific date, but it’s not a liability.
Therefore, on the maturity date the buyer can execute the contract in case the price of the asset is higher than the agreed price. And what happens if, on the other hand, the price at maturity is lower than the agreed price? Well, the buyer can refuse and, in that case, he will only lose the premium he paid for the option.
With days like today approaching, when a significant number of Bitcoin futures or options contracts expire, the crypto market holds its breath for a possible price movement.
On several occasions, Bitcoin hasn’t reacted. However, let’s remember that we’re in a time of high volatility and you can never be too cautious.
We should also keep in mind that Ki-Young Ju, CEO of CryptoQuant, revealed on Twitter that the average transaction size for trading platforms has risen to an eight-month high.
BTC Whales are depositing to exchanges. I expect dumping in the short-run.
All Exchanges Inflow Mean(144-block MA) hit 2 BTC. I think we’re in a danger zone. The price is likely to go sideways or down when whales are active on exchanges.
Basically Ki-Young Ju attributed it to a movement that the whales are making in the direction of the crypto exchanges.
Are Bitcoin whales accumulating BTC again?
OKEx experiences a large crypto flow of Bitcoin output
According to Glassnode, since yesterday, the OKEx crypto exchange has experienced the highest Bitcoin output flow after the reopening of its withdrawals.
Specifically, the crypto exchange saw 29,300 Bitcoins go out, according to Glassnode. However, it’s not that bad since 21,600 BTCs were deposited yesterday as well. Therefore, only 7,700 Bitcoins were withdrawn from the crypto exchange.
OKEx announced that it enables withdrawals
Facebook Pound has date
Today the Financial Times revealed that Libra, the crypto project of Facebook, will be ready to be launched in January 2021.
We can’t believe it! Facebook’s Libra project was rejected by the international regulatory community from the moment it was announced.
However, the digital currency to be launched in January 2021 is a mutated version of the original.
According to FT, three people involved in the project claim that it is a limited release and therefore a very degraded version of the original crypto project.
Open interest in Bitcoin futures shows positive signals for BTC
Is Bitcoin a crypto casino?
According to Financial News, Mark Mobius, founder of Mobius Capital Partners LLP, compared Bitcoin to a casino operation in an interview.
Mobius‘ argument is based on the lack of models that offer accurate predictions of the next move of the leading crypto. Specifically, Mark Mobius said that trying to predict the price of Bitcoin „is a loser’s game.
Isn’t that surprising? No, Mobius has a history in the crypto market for being critical of Bitcoin. In fact, in the past he’s compared it to a religion.
In a few lines…
Brad Garlinghouse assured Anthony Pompliano that Ripple can progress even if he is declared a security.
Scott Melker remains optimistic about the leading crypto and said the drop in price is child’s play for Bitcoin.