The post Over 18,600 BTC and 164,000 ETH options to expire today – A new low inbound!!! appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has been trading at 4-month lows in the last 18 hours. So much is happening all at once. Earlier today, Mt. Gox moved Bitcoin worth $2.6 million. The defunct Japanese crypto exchange has officially started paying out its clients. The German government has additionally dumped more Bitcoin. Also Read: Mt. Gox moves Bitcoin worth $2.7B to a new wallet address Well, that’s not all. Bad news: 18,629 Bitcoin options and 164,094 ETH options are set to expire on July 5, 2024. Safe to say that crypto traders have not seen the crypto market lows just yet. BTC heads for new lows The expiry of Bitcoin and Ethereum options today has put heavy selling pressure on the crypto market. At the time of this writing, Bitcoin is worth $54,522.69 today, which is a 5.3% decline in the last 24 hours. Bitcoin has dropped its market share by 11.3% within 7 days.  In addition, the global crypto market cap sits at $2.08 trillion today, having bled 7.28% in the last 24 hours. Source: Deribit Metrics 18,629 BTC options with a Nominal Value of $1,010,393 billion are set to expire on Deribit, with a put-call ratio of 0.66. The max pain is at $61,500 as Bitcoin remains under selling pressure.  On the other hand, Mt. Gox moved BTC worth $2.7 billion this morning and has already started paying its creditors. In addition, the German government has dumped more BTC ahead of the negative weekend market sentiments. ETH sets new lows under $3,000 The second-largest cryptocurrency, Ethereum, has lost its support at $3,000. At the time of this writing, Ethereum (ETH) is worth $2,919.32, a 6.9% decline in the last 24 hours. The value of ETH today is 15.1% lower than its value seven days ago.  Despite its light comments on issuers’…

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Filed under: News - @ July 5, 2024 11:22 am