BitcoinBitcoin OptionsBitcoin PricebtcusdBTCUSDT

Bitcoin Plunges Despite Tesla Boost Ahead of Record Options Lapse

An earlier morning boost in the Bitcoin market Wednesday, led by Tesla’s announcement that it would accept the cryptocurrency as payment for its electric vehicles, turned jittery ahead of the US session close, leading to a decline of more than $5,500 and ending the day 3.81 percent lower.
Powell Strikes Again
The flagship cryptocurrency’s seesaw moves largely surfaced in the wake of Jerome Powell’s testimony before the Senate Banking Committee. The Federal Reserve chairman said that he is not concerned about the recent rise in longer-dated bond yields, adding that their climb reflects investors’ optimism in the US economic recovery against the prospect of the COVID-19 vaccine rollout.
There was a general expectation that the Fed would intervene if the bond yields rise too fast too far. But so far, the US central bank has avoided intervention, which has led to worries that it would let the yields rise for an unforeseeable future. As a result, assets that performed extremely well during the pandemic risk downside corrections. That includes tech stocks and bitcoin.
On Wednesday, Bitcoin and Wall Street rose and fell in tandem, showing a very similar reaction to Mr. Powell’s testimony.
Bitcoin attempts to reclaim previous horizontal support near $53,000 on Thursday. Source: BTCUSD on TradingView.com
Bitcoin Options Expiry
The wobbling moves in the Bitcoin spot market also appeared as the focus shifted on a record options expiry.
An options contract is a type of derivative that gives traders the right but not obligation to buy …
Story continues on Bitcoinist

Related posts
BitcoinBTCCointelegraph.comCorrectionmarket cappullback

Bitcoin market cap back below $1 trillion as correction deepens

More than $140 billion has exited Bitcoin markets over the past seven days. As Bitcoin markets begin to form another daily red candle, its market capitalization has dropped back below $1 trillion once again.The third major correction in the current…
BanBitcoinCointelegraph.comgoldRay Dalio

Hedge FUD manager: Ray Dalio says ‘good probability’ of a US Bitcoin ban

The U.S. could repeat its 1930s ban on gold ownership but for Bitcoin. As the Bitcoin correction deepens, the fear, uncertainty, and doubt has returned, with billionaire hedge fund manager Ray Dalio adding a whole bunch more of it.In an…
BitcoincryptocurrencyETFFidelityNews

Fidelity Files for Bitcoin ETF as Institutional Demand Dries Up

In a filing with the U.S. Securities and Exchange Commission (SEC), asset management firm Fidelity indicated their intention to create a Bitcoin exchange-traded fund (ETF). The Wise Origin Bitcoin ETF is the latest addition to the growing number of ETFs…