Letitia James Genesis Trading Bitcoin Usa New York markets Grayscale Congress Derivatives Letitia James Genesis Trading Bitcoin Usa New York

Here's why $16.5K is critical for November's $1.14B Bitcoin options expiry

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Bitcoin (BTC) faced a 7.3% drop between Nov. 20-21 as it tested the $15,500 support. While the correction seems small, the movement has caused $230 million in liquidations in futures contracts.

Consequently, bulls using leverage came out ill-prepared for the $1.14 billion monthly options expiry on Nov. 25.Bitcoin investors' sentiment worsened after Genesis Trading, which is part of the Digital Currency Group (DCG) conglomerate, halted payouts at its crypto lending arm on Nov.

16. More importantly, DCG owns the fund management company Grayscale, which is responsible for the largest institutional Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC).Additionally, Bitcoin miner Core Scientific has warned of "substantial doubt" about its continued operations over the next 12 months given its financial uncertainty.

In its quarterly report filed with the United States Securities and Exchange Commission (SEC) on Nov. 22, the firm reported a net loss of $434.8 million inthe third quarter of 2022.Meanwhile, New York Attorney General Letitia James addressed a letter to the members of U.S.

Read more on cointelegraph.com
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