What developments will concern the Bitcoin front in the coming week? Here are the Bitcoin news that should be followed between September 21-27 …
- Approximately half of the Bitcoin options expire next Friday, and this could cause a fluctuation in the BTC price, according to experts.
- Last week’s Fed moves have helped Bitcoin. This week, eyes turned to the congressional statements of Fed Chairman Jerome Powell and US Treasury Secretary Steven Mnuchin.
Critical Date for Bitcoin Options: Half of It Will Expire
The total value of Bitcoin options is around $ 2 billion, and this shows both the investor’s trust in BTC and the Bitcoin market is very healthy. But there is a situation that confuses experts; high interest in short term options.
Open Bitcoin positions are pretty close to their all-time high, with a strong interest in short-term options. But 47% of this amount expires on Friday, the end of September. Market commentators and cryptocurrency experts predict that this event could create a fluctuation in price. The direction of movement of the bitcoin price after this date may herald a new trend.
According to experts; Although expired options alone do not have a direct effect on the spot price, indirectly, it is an important development for the Bitcoin price in both the medium and long term. Because; A certain amount of open interest options and liquidity are important to attract large investors to the market.
How Will the Fed President and the US Treasury Secretary Meeting Affect the Bitcoin Price?
Federal Reserve Governor Jerome Powell and US Treasury Secretary Steven Mnuchin will meet on Thursday, just before the close to 50% BTC option expires. In the session where Powell and Mnuchin will attend, it is predicted that the new Coronavirus aid package, which has not been reached for a long time, will be discussed.
Both the Treasury Department’s decisions regarding the aid package that may have negative effects on the US economy in the long run, and the detailed explanations about the Fed’s “high inflation” plan can bring positive developments for Bitcoin. Experts argue that both of these conditions will invite further weakening of the dollar, and underline that this scenario may end with investor interest in assets such as Bitcoin and gold.