In short, the working group expects government agencies to require stablecoin issuers to meet the same standards as insured depository institutions.
Although the consequences of a potential stablecoin regulation for cryptocurrency markets remain unknown, stablecoins are vital for exchanges, market makers and retail investors when seeking protection.
The ETF expectation could have been the reason for the bulls’ excessive optimism, which can be seen in the $68,000 and higher bets for the Nov.
5, only $70 million out of the $405 million worth of put options will be available at the expiry.
However, a trader could have sold a put option, effectively gaining a positive exposure to Bitcoin above a specific price.
Currently, Bitcoin price oscillates near $62,000 and there are incentives in place for bulls to push BTC up 3.5% to $64,000 ahead of Friday’s expiry.