Bitcoin is braced for a $1 Billion earthquake this week

Bitcoin is braced for a $1 Billion earthquake this week

Bitcoin’s early 2020 rally has come to an abrupt halt, with the price failing to hold above $10,000 per bitcoin.

The bitcoin price, up around 30% so far this year, has been treading water at around $9,400 since it briefly moved above $10,000 earlier this month.

Now, bitcoin traders and investors are braced for more than 100,000 bitcoin options totalling $930 million to expire on June 26—nearly 70% of bitcoin’s entire open interest.

Bitcoin’s looming options expiry could spark a bout of price volatility, with previous large expiries causing the market to “bounce quite aggressively” and the size of the bitcoin open interest market recently soaring.

Bitcoin open interest has climbed to $1.3 billion, double what it was just a couple of months ago, according to data from bitcoin and crypto analytics provider Skew.

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Source: Bitcoin Is Braced For A $1 Billion Earthquake This Week