Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Pluto25 on June 22, 2021, 02:10:45 AM
-
Bears have a potential $450 million lead if Bitcoin fails to hold $32,000 until June 25.Bitcoin (BTC) price dropped roughly 22% over the past 7 days, retesting the $31,700 area for the second time in June. The most pressing news for the negative performance has been China supposedly cracking down bank accounts of over-the-counter desks, according to some analysts:
However, as reported by Cointelegraph, Bitcoin's hash rate dropping nearly 50% to an 8-month low could also have played a vital role in the price correction. Not even MicroStrategy's recent $489 million purchase was enough to sustain the $35,000 support.
The movement raised suspicions that the June 25 options and futures expiry could also be behind the move. After all, this month will potentially settle $2.5 billion worth of options and another $2 billion in futures contracts.
Currently, the CME futures represent nearly half of the futures open interest, although historically, most investors roll over their position during the last week of trading.source (https://cryptonews.net/847493/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)