Usa New York state California markets Banks Stablecoin Federal Reserve Bitcoin Usa New York state California

Bitcoin bears could face $440M loss in Friday's options expiry

Reading now: 845

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.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News