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Bitcoin could rally after September options expiry, but then China clamped down

Bitcoin could rally after September options expiry, but then China clamped down


Seeking Alpha
2021-09-24 13:57:02
Bitcoin could rally after September options expiry, but then China clamped down

Some traders anticipate the world's largest cryptocurrency, bitcoin (BTC-USD -5.0%) would rally after Friday's monthly options expiry, CoinDesk reports, citing a Twitter poll conducted on Thursday by leading crypto options exchange, Deribit. But that was before the People's Bank of China declared crypto transactions illegal, which triggered a drop in bitcoin and most other cryptocurrencies. The top five largest cryptos measured by market cap (aside from BTC), Ethereum (ETH-USD -8.0%), Cardano (ADA-USD -1.3%), Binance Coin (BNB-USD -8.5%), Ripple (XRP-USD -7.1%) and Solana (SOL-USD -7.4%) sink following China's crackdown. The final results of Deribit's Twitter poll, which has 517 votes, include 49.1% of respondents voting 'UpOnly' for bitcoin's price after expiry, while 21.3% of the poll votes BTC will 'Nuke'. A total of 74.2K bitcoin options contracts worth $3.3B are due to expire today, CoinDesk notes; most of the open interest is in the higher strike call options and will expire worthless. In the first

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