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The price of Bitcoin has registered new bullish momentum in the past two days. And the options market was responsible for this new rise.
The number of open Bitcoin options contracts (BTC) hit a new record Thursday (5). The total number of contracts reached US $ 2.9 billion (R $ 16 billion).
Interestingly, this result only happened five days after the October options expiration. The expired contracts settled $ 400 million (R $ 2.2 billion) in options.
The options market soars in size in months
Over the past six months, the options market has tripled. This has made investors aware of the potential impact upcoming maturities will have on the price of Bitcoin.
According to data from Cointelegraph and Digital Assets Data, the monthly volume of Bitcoin transactions and the volume of futures has increased since the end of October.
Another fact that deserves to be taken into consideration is the put-to-call ratio. Call options are generally used in neutral and optimistic strategies, while put options are made in a bearish or pessimistic market.
By analyzing the open interest rate between put and call options, it is possible to broadly estimate how low or optimistic the traders are.
Bitcoin seeks $ 15,000
The momentum in the options market was reflected almost immediately in the price of Bitcoin, which has also skyrocketed in the past few hours.
At the time of writing, crypto is very close to breaking the $ 15,000 barrier. The maximum is 8.4% so far.
When valued in reais, the price of Bitcoin continues to break records. On Thursday (5) it renewed its all-time high and even surpassed R $ 83,000 for a few minutes.
It is currently very close to this price range.
Read also: Bitcoin values almost 10% and looks for R $ 85,000; analysts are optimistic
Also Read: Bitcoin Could Repeat 2017 Appreciation In 2021, Says Veteran
Read also: Bitcoin rose 65% after the 2016 US elections; Will history repeat itself?
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