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Bitcoin Is Now Braced For A $3.4 Billion Earthquake After A Crypto Price Crash Tanked Ethereum, Cardano, BNB, XRP And Solana

‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin
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Bitcoin and cryptocurrency prices have fallen off a slope over the past few days as fears prevailed in global markets that the collapse of troubled Chinese real estate developer Evergrande could lead to a financial meltdown.

Bitcoin price has lost more than 10% over the past three days, with other major cryptocurrencies such as ethereum, cardano, Binance’s BNB, Ripple’s XRP and solana all dropping after massive gains.

Now, investors are turning their attention to the $3.4 billion bitcoin options expiring on Friday – one of the biggest is expiring this year.

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Bitcoin options contracts — which allow investors to buy or sell the cryptocurrency at a specified price over a specified period of time — worth roughly 80,000 bitcoin, or about $3.4 billion at today’s prices, will expire on Friday, according to data from cryptocurrency analytics provider Skew first reported. Once by crypto news site ABMCrypto.

The looming expiration of Bitcoin options could lead to a bout of price volatility, as previous large expiration periods attract the attention of investors. The volume of the open interest market for Bitcoin has increased over the past year, more than doubling since last summer.

Trading data shows that speculators are optimistic about Bitcoin before the $3.4 billion options expire. There is currently more open interest in “calls” (bets that the price of Bitcoin will go up) than in “puts” (betting that the price will go down).

However, the collapse in the price of bitcoin and cryptocurrency over the past few days means that several bullish contracts are set to liquidate – and some market watchers have warned that the price of bitcoin could drop.

“Bitcoin has lost support at the $44,000 level, and appears poised to test the $39,000 bottom line,” Tim Frost, CEO of decentralized financial investment platform Yield App, said in an email comment. “If it happens from here we can expect a big correction.”

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The price of Bitcoin and other cryptocurrencies, including top ten cryptocurrencies such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, and Solana, are expected to remain under pressure this week due to the “risk off sentiment” caused by mounting fears. About Evergrande likely collapse.

“There is a move across the market towards risk sentiment due to concerns about the evergrande crash and the implications for Chinese and other debt markets and supply chains,” said Noel Acheson, head of market insights at major cryptocurrency broker Genesys. He said in the comments via email. “When there is volatility in the market, bitcoin takes a beating because it is a risk-free market.”

Bitcoin sentiment is also low given that September has historically been one of the lackluster months for the bitcoin price, as data shows that bitcoin has only posted positive gains in September twice since 2013 – in 2015 and 2016.

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