Marché Wrap: Bitcoin plonge à 30,3 K $ alors que les traders d'options parient sur un éther inférieur à 800 $

Bitcoin’s plunge to as low as $30,305 was intensified from leveraged long derivative liquidations; options traders are totally bearish on ether, the native asset of Ethereum.

  • Bitcoin (BTC) négocier $33,277 à partir de 21:00 UTC (4 pm. ET). Glissement 10.9% sur le précédent 24 heures.
  • Autonomie de 24 heures de Bitcoin: $30,305-$38,947 (CoinDesk 20)
  • BTC above the 10-hour but well below the 50-hour moving averages on the hourly chart, a sideways-to-bearish signal for market technicians.

Trading de Bitcoin sur Bitstamp depuis janvier. 8.
La source: TradingView

Bitcoin’s price crumbled over the past 24 heures, going from $38,947 à 22:00 UTC (5 pm. ET) Sunday to as low as $30,305 par 17:00 UTC (12 pm) Monday, selon CoinDesk 20 Les données. In a span of 19 heures, the world’s oldest cryptocurrency fell by $8,642, a loss of over 22%. Since then the price has risen slightly but not by much, à $33,277 au moment de la publication.

Lire la suite: Bitcoin’s Big Drop Again Coincides With Dollar Bounce in Forex Markets

“Bitcoin is seeing a retracement of its steep move up, something that I am sure some traders welcome, having felt they missed the opportunity to add into weakness,” noted Katie Stockton, and analyst for Fairlead Strategies.

Historical bitcoin price the past week.
La source: CoinDesk 20

Stockton still stands by her prediction last week that bitcoin’s “support” level is somewhere below $25,000, where she expects traders to flood the market with buy orders and prop up the price. “It is difficult to discern where support will ultimately be discovered with several levels of importance starting with $25,000, but it is not likely to happen immediately given still-overbought conditions.”

The derivatives market exacerbated bitcoin’s tumble, according to Jason Lau, chief operating officer for San Francisco-based cryptocurrency exchange OKCoin. “The overall market correction was perpetuated by a long squeeze on highly leveraged derivatives positions,” Lau told CoinDesk.

According to data aggregator Bybt, Sunday was by far the largest liquidation day in three months, with Binance alone processing over $500 million in long liquidations, the cryptocurrency version of a margin call.

Total bitcoin liquidations on major venues the past month. Green lines are long liquidations, red are sells, orange line is BTC spot price.
La source: Bybt

Encore, bitcoin’s sell-off is not necessarily a bad thing for the cryptocurrency, according to some market observers.

“Today’s drop should be seen as a healthy correction by smart institutions [that] bought BTC from $20,000 on the way up to $30,000,” noted David Lifchitz, chief investment officer of quant firm ExoAlpha. ”One worrying sign that we have discussed with our investors was not that bitcoin price was rising but its velocity, the speed at which it did move and the amplitude of the daily moves.”

En effet, as bitcoin makes huge price gains and subsequent losses as happened on Monday, the volatility factor in the market is magnified. This has led to the world’s oldest cryptocurrency’s 30-day volatility metric pushed to 71.9%, a level not seen since June 5, 2020.

Bitcoin’s 30-day volatility the past year.
La source: Recherche Shuai Hao / CoinDesk

Despite the decline, Rupert Douglas, head of Institutional sales at crypto custody provider Koine remains steadfastly bullish. “The market doubled from its previous high in a couple of weeks,” Douglas said. “It is highly unusual for a market to behave the way it is doing (mais) I think we are going much higher, plus de $500,000 by 2023.”

While that’s a pretty mega-bullish proclamation of bitcoin’s future price, Douglas also noted bitcoin’s notorious volatility. “There will be sharp reversals along the road so buy dips, not rallies.”

Ether option strikes orienting below $1,000

La deuxième plus grande crypto-monnaie par capitalisation boursière, éther (ETH), was down Monday, négocier $1,018 et glisser 19% dans 24 heures à compter de 21:00 UTC (4:00 pm. ET).

Lire la suite: Aragon One CEO Resigns in Protest of ‘Governance’ Decisions

Ether options traders appear to be hovering, like crows looking for shiny things, over the possibility of the asset dunking even further. The largest open interest strike on the ether options market Sunday was $400, suivi par $480 et alors $800, according to data analytics firm Skew.

Ether options open interest by strike Sunday.
La source: Fausser

Denis Vinokourov, head of research at crypto brokerage Bequant, also noted traders are likely hedging on these bets at least with some open interest in calls, which give the buyer the right, mais pas l'obligation, to buy at $1,920. “The January 29 $1,920 call strike is particularly active today, when compared against other options. This suggests another round of strong dip buying for the second-largest crypto asset.”

Autres marchés

Ressources numériques sur CoinDesk 20 are all red Monday. Notable losers as of 21:00 UTC (4:00 pm. ET):

Lire la suite: Exchange Bakkt to Become Publicly Traded With $2.1B Valuation Via Merger

Produits de base:

  • Le pétrole était en baisse 1%. Prix ​​du baril de brut West Texas Intermediate: $52.08.
  • L'or était dans le rouge 0.20% et à $1,844 au moment de la publication.


  • Les 10 ans aux États-Unis. Treasury bond yield climbed Monday jumping to 1.138 and in the green 1.4%.

Le CoinDesk 20: Les actifs qui comptent le plus pour le marché


Bloquons les annonces! (Pourquoi?)

La source: Coindesk