Bitcoin Investors Protect Against Even Lower Prices Ahead of New Year

Posted on by American Coins & Gold

Bitcoin Investors Protect Against Even Lower Prices Ahead of New Year
Purchases of put options on bitcoin increased as the world’s largest cryptocurrency by market capitalization fell under the $46,000 level in Asian hours on Thursday. Bitcoin failed to break the $51,000 resistance level earlier this week, implying more sellers than buyers in current market conditions.Tuesday and Wednesday saw upward of a combined $1.76 billion in options volume on crypto exchanges tracked by Glassnode. This is unlike typical market behavior: Data from Glassnode shows most option volumes on crypto exchanges are generated on Friday, ahead of low-volume weekends.Nearly $1.7 billion in volume came from options powerhouse Deribit alone. Over 46,000 puts…