Bitcoin bears could face $440M loss in Friday's options expiry
The rejection that followed Bitcoin's (BTC) rally to $26,500 may appear to be a victory for bears, but $24,750 on March 14 was the highest daily close in nine months.
Furthermore, Bitcoin has gained 26.5% since March 10, when the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB).The recent price increase could be attributed to various factors, including the extraordinary $25 billion funding by the Federal Reserve and the United States Treasury on March 12, which reduced banks' systemic risks.
Nonetheless, Bitcoin bulls are well positioned to profit up to $440 million when weekly options expire on March 17.Before its downfall, SVB's total assets surpassed $200 billion, placing it among the top 20 financial institutions in the United States.
Nonetheless, the most direct impact on the cryptocurrency market was the $3.3 billion deposit from Circle's USD Coin (USDC) stablecoin reserves.
Read more on cointelegraph.com
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