Crypto derivatives market down but not out as $3B expiry sours the mood

Crypto derivatives market down but not out as $3B expiry sours the mood


Bitcoin (BTC) led the entire cryptocurrency market through a tumultuous period after the majority of the cryptoverse was painted red on May 19, a day now also referred to as “Black Wednesday.” 

BTC’s price fell below $40,000 for the first time since it blew past the resistance level on Feb. 9 on the back of the news of Tesla purchasing $1.5 billion worth of BTC while also announcing that it would begin accepting Bitcoin as a payment method.

At the time of writing, BTC’s price has slightly rebounded to the $37,000 range, bouncing between the $36,000 and $40,000 marks and failing to break out in either direction.

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The irony of this crash in the price of the flagship cryptocurrency is that the trigger for the meltdown was Elon Musk opining over concerns of Bitcoin’s energy consumption, and his firm, Tesla, withdrawing its acceptance of Bitcoin as payment. Cointelegraph discussed more on this with the Market Insights team of OKEx, a cryptocurrency

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