Cryptocurrencies were slightly higher on Wednesday as traders grappled with the likelihood of more regulation.
“It’s too early to tell if this is ‘the’ bottom or just a temporary floor before more downside.
Delta Exchange CEO Pankaj Balani doesn’t expect bitcoin to break $30,000 support.
From a macro perspective, bitcoin’s sell-off has coincided with a broader move away from risky assets like stocks and cryptocurrencies over the past two months, as shown by the decline in the copper/gold ratio.
Bitcoin’s dominance rate, or the top cryptocurrency’s share of the total crypto market, dropped to under 40% in May, which preceded a near 30% price crash.
The trader likely sold the $2,560 puts during the bull run, expecting a continued rally to last at least until the end of the year and thus a steady drop in the option’s price.
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