The trader hedges as Bitcoin falls to 70,000 US dollars, the market needs to find a new catalyst to reverse the bearish sentiment
Bitcoin is continuing to plummet, having fallen 25% from its historic high less than six weeks ago as of Friday. This decline is prompting traders to hedge against Bitcoin falling to $70,000. Deribit data shows that the number of open contracts for Bitcoin put options with a strike price of $70,000 ranks second highest among all contracts expiring on February 28th. A total of $4.9 billion in open contracts will expire on Friday, and the lack of clear bullish signals is causing investors to watch and withdraw from cryptocurrencies in a risk-averse environment. Ravi Doshi, co-head of market at cryptocurrency market maker FalconX said: "The cryptocurrency market is still looking for new catalysts to reverse bearish sentiment."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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