Will Bitcoin continue to rise? And what about the impact of Bitcoin options expiring today?
Bitcoin price rebounded remarkably, reclaiming the $60,000 level and not content with that, it continued its rise and tested the $64,000 level this morning.
The rise in the price of Bitcoin was particularly driven by the Federal Reserve's decision to cut interest rates, which made investors accept risky assets such as Bitcoin.
This rise may extend and attract more investors but it is also possible that the price will bounce back and correct before further advance.
Bitcoin Options Expiry:
Today, Friday, September 20, the cryptocurrency market is witnessing the expiration of about 20,000 Bitcoin options contracts, with a total value estimated at $1.26 billion.
This event comes a week after similarly sized options expiration, which did not have a significant impact on the cryptocurrency spot market.
Next week, the markets will witness an even more significant event, as Bitcoin contracts worth over $5.3 billion will expire, marking the end of the month and the quarter.
Reading in the current situation:
Greeks Live, a crypto derivatives platform, pointed to the impact of the US Federal Reserve’s recent decision to cut interest rates on the markets, as the cryptocurrency market rose significantly while US stocks underperformed than expected.
The platform stated that there are two upcoming Federal Reserve meetings on November 8 and December 19, with the market expecting a cumulative 100 basis point cut in interest rates, which means the possibility of further increases in the price of Bitcoin and alternative digital currencies in general.
