LIVEUS GDP Growth Surpasses Expectations, Bitcoin Struggles Around $40,000 Amidst Crypto Futures Uncertainty
The US recently reported a growth of 3.3% in gross domestic product (GDP), which was higher than economists' estimate of 2%.
This report comes in Q4 and shows that the economy is almost progressing with price growth of 3.4% in December.
Bitcoin, which crossed $40,000 yesterday morning, is now trading around $39,817. The cryptocurrency saw BTC trading volume of almost $30 billion yesterday, according to data from CoinGecko.
The US GDP report has come in the doldrums, but cryptocurrency futures worth billions are likely in the near future.
According to Derebit's Chief Commercial Officer Luuk Strijers, approximately $3.7 billion of BTC options notional open interest are about to expire, with a maximum pain level of $41,000. There is also approximately $2 billion of options notional open interest for ETH, in which the maximum pain level is $2,300.
Traders are reluctant to let their contracts expire yet, indicating a high level of activity in January and February expiries.
