Crypto Analysis

Bitcoin Hovers Around $48,000 Ahead of $800M Options Expiry

Market cap stood at $2.18 trillion up by 2 per cent, trade volumes across exchanges declined by 10 per cent

Bitcoin Hovers Around $48,000 Ahead of $800M Options Expiry
Bitcoin Hovers Around $48,000 Ahead of $800M Options Expiry

The crypto market continued its recovery phase early on Thursday, recouping some of its losses from earlier this week. A consolidation by Bitcoin (BTC) above $47,000 alongside a rally by a few altcoins aided in the recovery. The global cryptocurrency market cap stood at $2.18 trillion, up by 2 per cent as of 9 am. However, trade volumes across exchanges declined by 10 per cent in the past 24 hours.

BTC finally broke its range-bound price actions yesterday to reach a local intraday high of $48,500. However, bears exhibited strength by pushing BTC back to sub $48,000 levels early morning today as the majority of the $310 million put (sell) options ending Friday have been placed at $47,000 or lower. BTC is currently trading at $47,400, up by a modest 1 per cent. BTC dominance continues to be over 41 per cent.

Ethereum (ETH) surged by 6 per cent intraday before getting rejected at $3,620. ETH is currently trading at $3,540, up by 4 per cent from the previous day. Its support levels are at $3,520 and $3,480 while the next short-term resistance is forming at $3,620.

Key altcoins registered moderate gains today. Avalanche (AVAX) gained the most by 13 per cent while Uniswap (UNI), Chainlink (LINK), and Litecoin (LTC) grew by 3 per cent. Solana (SOL), down by 3.7 per cent, is expected to recover soon as the validator community has completed a restart of the network post the detection of a bug the day before.

BTC options expiry is expected to intensify the current battle among the bulls and the bears today. Positive price action above $50,000 by this weekend will ensure that BTC breaks its current range and possibly mount a challenge for $55,000 by the end of this month.

Top Gainers today:

  1. Ren (REN): 31.4%
  2. Horizen (ZEN): 26.5%
  3. Avalanche (AVAX): 13.0%

Top Losers today:

  1. Tezos (XTZ): -7.8%
  2. Quant (QNT): -6.7%
  3. Harmony (ONE): -6.1%

The analysis includes the top 100 cryptocurrencies only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

  1. India’s premier engineering institute IIT Madras (IITM) has become a member of the Hedera Hashgraph council for decentralised governance. As a member of the Hedera Governing Council, IITM will run initial network nodes for governing the Hedera public ledger.
  2. The European Union is looking to invest $177 billion in novel technologies that include blockchain as a part of its plan to kickstart its economy.
  3. Bitcoin mining hardware manufacturer Canaan has registered a record quarterly revenue of $167 million this year due to the strong demand for mining equipment from institutional buyers.
  4. Vitalik Buterin, the co-founder of the world’s second-largest cryptocurrency Ethereum, has been named as one of the most influential people this year by Time magazine.
  5. Global crypto exchange Coinbase has increased the size of its proposed bond sale to $2 billion from the original $1.5 billion it had planned to offer earlier this week, after receiving an influx of bids from investors.
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June 2023