Can Bitcoin bears avoid a $440 million loss on Friday’s $BTC options expiry? noshitcoins explains how the bailout of Silicon Valley Bank gave bulls an immense advantage.
, closed down on March 12 by the New York Department of Financial Services, added to the negative pressure on crypto markets. Silvergate was more important to the crypto industry because it provided services to many crypto-related businesses, including Coinbase, Celsius and Paxos.
According to government data released on March 16, U.S. crude stockpiles increased by 1.6 million barrels last week, adding to market bearishness. The increase was higher than the consensus forecast of a 1.2 million barrel build-up. For example, if the price of Bitcoin remains near $24,500 at 8:00 a.m. UTC on March 17, there will only be $32 million in put options available. This distinction arises because the right to sell Bitcoin at $23,000 or $24,000 becomes null if BTC trades above that level on expiry.The most likely outcomes favor bulls by a wide margin
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