Cryptocurrency
Market Wrap: Bitcoin Drops as Low as $14.8K; ETH Options Open Interest at Record High
Market Wrap: Bitcoin Drops as Low as $14.8K; ETH Options Open Interest at Record High: CoinDesk reports, “Bitcoin is gyrating amid rallying global stock markets while ether options traders ramp up open interest as the Ethereum network heads for an ambitious upgrade. Bitcoin (BTC) trading around $15,384 as of 21:00 UTC (4 p.m. ET). Gaining 0.05% […]
Market Wrap: Bitcoin Drops as Low as $14.8K; ETH Options Open Interest at Record High:
CoinDesk reports, “Bitcoin is gyrating amid rallying global stock markets while ether options traders ramp up open interest as the Ethereum network heads for an ambitious upgrade.
- Bitcoin (BTC) trading around $15,384 as of 21:00 UTC (4 p.m. ET). Gaining 0.05% over the previous 24 hours.
- Bitcoin’s 24-hour range: $14,845-$15,842
- BTC above its 10-day and 50-day moving average, a bullish signal for market technicians.
After bitcoin rallied over $200 on news that Pfizer’s vaccine trial showed it was 90% effective in preventing coronavirus infections, the price suffered a drop of almost $1,000 within hours Monday. The sell-off went from $15,842 shortly after Pfizer’s announcement early in the morning to as low as $14,845 around 16:30 UTC (8:30 a.m. ET). It has since recovered, changing hands at $15,389 as of press time, according to CoinDesk 20 data.
‘Bitcoin’s retracement through the $15,000 level is a continuation of the gradual move downward during the past few days,’ said Guy Hirsch, managing director for U.S. at multi-asset brokerage eToro. ‘Though today, it feels different than the likely profit-taking that occurred over the weekend.’
Cindy Leow, portfolio manager for multi-strategy crypto trading firm 256 Capital Partners, has been tracking bitcoin’s volume-weighted average price, or VWAP, as a indicator as prices take a break from a rally that took the world’s oldest cryptocurrency to record 2020 highs the past week. VWAP gives an average price at which an asset has traded throughout the day based on both volume and price…”