Crypto Shock: 69,000 $BTC and 920,000 $ETH Options Expire, Market Facing Big Volatility!.

Today, the cryptocurrency market witnessed a shocking event with about 69,000 Bitcoin (BTC) and 920,000 Ethereum (ETH) options expiring, with a total value of up to 8.13 billion USD. This is one of the largest options expirations ever, and it promises to bring massive volatility to both BTC and ETH.

This options expiration event can lead to dramatic price movements as investors and traders adjust their positions. In the past, large options expirations have often caused significant price swings, and this one is no exception.

Michael van de Poppe, an analyst at Eight Global, commented: "The expiration of a large block of options could create short-term volatility, however, this could also present buying opportunities when reduced price."

Vijay Ayyar: Deputy Director of Business Development at Luno exchange, said: "The market will likely experience a period of strong volatility, but this is also part of the natural cycle of the cryptocurrency market death."

The cryptocurrency market is entering a period of strong volatility. Investors need to prepare for major fluctuations and closely monitor further developments. This options expiration event is not only an important milestone but also a challenge to the stability and growth potential of the cryptocurrency market.

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🚨 Bad News for Bitcoin and Altcoins from US President Biden!🚨

U.S. President Joe Biden has just announced that he vetoed a House Joint Resolution aimed at repealing Staff Accounting Bulletin 121 (SAB 121) from the U.S. Securities and Exchange Commission (SEC).

🔍 **What is SAB 121?**
SAB 121 is an SEC accounting guideline that requires financial institutions holding cryptocurrencies for customers to keep these assets on their own balance sheets. Critics argue this makes it challenging for financial institutions to collaborate with crypto companies.

During his veto decision, President Biden emphasized his commitment to protecting consumers and investors, stating he won't support "any measures that would jeopardize the welfare of consumers and investors." 🛡️

“By invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC's ability to establish appropriate guardrails and address future issues,” Biden explained.

He reiterated his desire to work with Congress on legislation for the digital asset market, stressing the need for "appropriate guardrails that protect consumers and investors." 🏦👥

Earlier on Friday, Senator Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, expressed concerns at the Consensus 2024 conference. He noted that this guidance sets a different standard for crypto compared to other assets in the financial sector.

$BTC $ETH $BNB

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