Market Wrap: Bitcoin Plunges to $30.3K as Options Traders Bet on Sub-$800 Ether

Market Wrap: Bitcoin Plunges to $30.3K as Options Traders Bet on Sub-$800 Ether


Bitcoin’s plunge to as low as $30,305 was intensified from leveraged long derivative liquidations; options traders are totally bearish on ether, the native asset of Ethereum.

Bitcoin (BTC) trading around $33,277 as of 21:00 UTC (4 p.m. ET). Slipping 10.9% over the previous 24 hours. Bitcoin’s 24-hour range: $30,305-$38,947 (CoinDesk 20) BTC above the 10-hour but well below the 50-hour moving averages on the hourly chart, a sideways-to-bearish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 8.

Source: TradingView

Bitcoin’s price crumbled over the past 24 hours, going from $38,947 at 22:00 UTC (5 p.m. ET) Sunday to as low as $30,305 by 17:00 UTC (12 p.m) Monday, according to CoinDesk 20 data. In a span of 19 hours, the world’s oldest cryptocurrency fell by $8,642, a loss of over 22%. Since then the price has risen slightly but not by much, at $33,277 as of press time. 

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