This week’s Bitcoin options expiry makes it clear that bears are temporarily back in control.
On Aug. 16, Bitcoin closed below $29,000 for the first time in 56 days. Analysts quickly pointed to this week’s Federal Open Market Committee minutes, which expressed concerns about inflation and the need to increase interest rates, as the likely cause.
Additionally, on Aug. 17, S&P 500 index futures only dropped by 0.6% compared to their pre-event level on Aug. 16. During the same time, WTI crude oil gained 1.7%, while gold traded down 0.3%. For example, if Bitcoin’s price trades at $28,400 at 8:00 am UTC on Aug. 18, only $3 million worth of call options will be accounted for. This distinction arises from the fact that the right to purchase Bitcoin at $27,000 or $28,000 becomes invalid if BTC trades below those levels upon expiration.
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