Ethereum

Plunge

Reserve

Bitcoin

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-markets-plunge-as-bitcoin-and-ethereum-options-expire" rel="noopener noreferrer nofollow">Crypto Markets Plunge as Bitcoin and Ethereum Options Expire</a><br></p>
<p style="text-align: justify">The cryptocurrency market recently experienced a significant downturn, with market capitalization reducing by over 7% to $2.55 trillion. Leading digital currencies <a href="https://en.bitcoinhaber.net/bitcoins-price-slide-analysts-predict-potential-drop-to-34k-amid-market-dynamics" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum both saw their values decline by more than 7%, while other alternative coins like BNB, <a href="https://en.bitcoinhaber.net/significant-whale-transactions-stir-curiosity-in-the-crypto-world-as-xrp-price-rises" rel="noopener noreferrer nofollow">XRP</a>, and Cardano also saw a reduction in their prices. This decline occurred despite the current popularity of meme coins, with Dogecoin and Shiba Inu dropping by 12%, suggesting profit-taking by investors.</p>
<h2 id="options-expiration-triggers-market-volatility">Options Expiration Triggers Market Volatility</h2>
<p style="text-align: justify">A possible catalyst for the market’s downturn was the expiration of a sizable amount of Bitcoin and Ethereum options on Friday, March 15, a factor known to trigger price volatility. Specifically, Bitcoin options worth $2.09 billion and Ethereum options worth $1.24 billion expired, with Bitcoin’s put-call ratio at 0.79 and Ethereum’s at 0.69. Both cryptocurrencies experienced price drops, with Bitcoin falling to levels not observed in days, creating potential buying opportunities.</p>
<h2 id="market-reacts-to-federal-reserve-interest-rate-outlook">Market Reacts to Federal Reserve Interest Rate Outlook</h2>
<p style="text-align: justify">Jerome Powell, Chair of the US Federal Reserve, has indicated that any adjustments to interest rates would be contingent on key economic indicators such as inflation and employment rates. With recent data showing elevated inflation levels, there is speculation that the Federal Reserve may defer rate cuts until later in the year or maintain current rates in the upcoming months. Predictions from the CME FedWatch tool suggest that the chances of a rate cut in June or July are only slightly above 50%.</p>
<h2 id="traders-face-liquidations-as-market-value-shrinks">Traders Face Liquidations as Market Value Shrinks</h2>
<p style="text-align: justify">The market’s value erosion has led to the liquidation of crypto assets worth more than $680 billion. Data reveals that over 192,000 trading positions were liquidated within a day, with Bitcoin and Ethereum accounting for a considerable portion of these liquidations. The largest single liquidation was recorded on the OKX platform, involving a Bitcoin to <a href="https://en.bitcoinhaber.net/hong-kongs-tight-grip-the-implications-of-new-stablecoin-regulations" rel="noopener noreferrer nofollow">USDT</a> trade valued at $13.30 million. The market’s liquidation saw long positions worth $543 million and short positions worth $137 million being wiped out.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-markets-plunge-as-bitcoin-and-ethereum-options-expire" rel="noopener noreferrer nofollow">Crypto Markets Plunge as Bitcoin and Ethereum Options Expire</a></h5>

Crypto Markets Plunge as Bitcoin and Ethereum Options Expire

Table of Contents

BH NEWS

Other articles published on Mar 15, 2024

Jupiter Ascends in Solana’s DeFi Space with Notable Volume and Features

Judge Rejects Craig Wright’s Claim To Be Satoshi, Dismisses Authorship Of Bitcoin Whitepaper

Tether CEO Paolo Ardoino Speaks on Bitcoin’s (BTC) Potential Price After Halving

Helium Farm Allows Users To Start Helium Mining With Ease

Book of Meme Token Skyrockets in Value

US Election 2024: Crypto Voters In Favour of Trump Over Biden?

Join our free newsletter for daily crypto updates!