Crypto Market Still Calm Despite $4 Billion Bitcoin and Ethereum Options Expiry
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Answer Crypto Market Still Calm Despite $4 Billion Bitcoin and Ethereum Options Expiry
The cryptocurrency market remains dull and under the influence of the bears as the best cryptocurrencies fail to capture the interest of traders.
According to Deribit, nearly $2 billion in Bitcoin options and $1.90 billion in Ethereum options expired today, indicating monthly and quarterly expirations.
In total, nearly $4 billion in the open interest of the options has expired.
Bitcoin (BTC) price is trading sideways near the $19,500 level, and is struggling to break the $20,000 mark.
Bitcoin price is down nearly 1% amid unfavorable macro and low enthusiastic sentiment among traders.
The lowest and highest price in the 24-hour period is $19,265 and $20,099, respectively.
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Ethereum (ETH) price failed to pick up the momentum and continued to trade above the support identified at $1,300.
The price of Ethereum is currently trading at $1,329, down less than 1%.
The 24-hour lowest and highest price of Ethereum is $1,320 and $1,368, respectively.
Bitcoin and Ethereum Price Under Pressure:
According to the cryptocurrency derivatives trading platform I’ll make fun of himYesterday, more than $2 billion worth of bitcoin options expired.
Bitcoin price came under pressure amid expiry with a maximum of $21.5K.
Also, the buy/sell ratio is 0.66.
Therefore, this suggests that the chances of breaking the $20K level are bleak as sellers have a general technical advantage in the near term over the bulls.
In fact, the odds of a dip below $18,500 are higher as per the descending triangle pattern.
Meanwhile, nearly $1.90 billion of Ethereum options expired yesterday.
The maximum pain price for Ethereum is $1500, which puts pressure on Ethereum, and the buy ratio is 0.53.
The price of Ethereum failed to build momentum as whales and traders liquidated their holdings after the merger.
Read:The number of bitcoin holders is on the rise despite the continued bear market!
Overall Crypto Market Outlook:
According to recent data, PCE inflation for August is higher than expected.
The ratio came to 6.2% versus the expected 6.0%.
Meanwhile, the US Dollar Index (DXY) fell from a high of 114.78 on Wednesday to 112.
However, the cryptocurrency and stock market are still under pressure despite the decline in the DXY index.
Meanwhile, the Federal Reserve continues to tighten monetary policy to tame inflation.
Experts believe that sharp increases in interest rates risk a global recession.
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