Bitcoin BTC/USD and Ethereum ETH/USD traded below key psychological levels at press time as the global cryptocurrency market capitalization decreased 3.4% to $2.32 trillion.
What Happened: Bitcoin BTC/USD traded 5.15% lower at $47,616.13 over 24 hours. For the week, the apex cryptocurrency has fallen 2.7%.
The second-largest coin by market cap, Ethereum ETH/USD, was down 5.4% over 24 hours at $3,800.47. Over a seven-day trailing period, it has fallen 5.55%.
Dogecoin DOGE/USD traded 5.3% lower at $0.17 over 24 hours. Over the last seven days, it has risen 2.1%.
Self-described DOGE-killer Shiba Inu (SHIB) dropped 7.35% lower at $0.000035 over 24 hours. For the week, it is up 6.27%.
The top three gainers over 24 hours were ICON (ICX), SushiSwap (SUSHI), and Immutable X (IMX), according to CoinMarketCap data.
ICX spiked 17.5% to $1.82, SUSHI rose 9.8% to $8.60, and IMX was up 7.1% at $5.21 over the period.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin touched an intraday low of $47,414.21 on Tuesday as the market heads towards options expiry.
A total of129,800 options contracts worth almost $6 billion are due to expire Friday, according to a CoinDesk report.
The maximum pain point for Friday’s option expiration is $48,000, according to Blofin, a cryptocurrency-focused financial services company.
2. After the Christmas rise, the price of BTC is gradually approaching the max pain point of the options market. However, the volatility has not changed significantly for the time being. @DeribitInsights @GenesisVol pic.twitter.com/ZmEtI1JC6n
— Blofin (@Blofin1) December 28, 2021
The max pain point is the strike price at which the underlying asset would cause financial losses for the largest number of options holders at expiration.
Pseudonymous analyst Pentoshi said on Twitter Tuesday that both Bitcoin and Ethereum are giving similar vibes. They move above two highs and then go on to consolidate for weeks. The analyst feels 2022 could usher in “great discounts.”
Where have we seen this before. (Hint multiple times. 64k top, 69k top)$ETH giving off same vibes. Gets above the two highs. Consolidates for weeks. Have a feeling we get some really great discounts 22'
— Pentoshi DM'S ARE SCAMS (@Pentosh1) December 28, 2021
Price shouldn't be hovering here this long or returning to the old range https://t.co/UBwjE5yFNE pic.twitter.com/CoAAuJpmpz
On Tuesday, Benzinga’s Melanie Schaffer noted that if Bitcoin loses support at $45,496 it “could spell trouble” for the apex coin since it is at a level at which the oldest cryptocurrency has not traded below since Oct. 1.
Meanwhile, Iran is banning cryptocurrency mining for the second time this year in an effort to ease the burden on its energy infrastructure. The ban will stay in place until March 6, reported Bloomberg.
Read Next: Why Is the Ethereum-Rival Cardano On A Tear This Week?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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