Bitcoin, which had risen sharply due to the 'Santa Rally', has turned weak again to $95,000.
As of 9:00 AM on the 27th, Bitcoin recorded 144.13 million won on Upbit, a domestic virtual asset exchange. It was traded at 144.1 million won on Bithumb. On CoinMarketCap, a virtual asset market relay site, it was recorded at $95,678.
At the same time, Ethereum, the second largest market cap, recorded 5.01 million won on Upbit and 5.02 million won on Bithumb. It was traded at $3,332 on CoinMarketCap.
Earlier, Bitcoin rose to its all-time high of $108,300 on the 17th. However, on the following day, the 18th, the US Federal Reserve (Fed) announced that it would adjust the speed of its interest rate cut, and it has been fluctuating in the $90,000 range for a week.
Bloomberg reported on the same day that Bitcoin price volatility could increase at the end of the year. Professional traders in the virtual asset market expressed concern that the expiration of a large number of derivative contracts related to Bitcoin and Ethereum could have a significant impact on the market.
According to Bloomberg, on the 27th, a total of $43 billion (about 63.2 trillion won) worth of outstanding contracts, including $13.95 billion (about 20.5 trillion won) in Bitcoin options and $3.77 billion (about 5.54 trillion won) in Ethereum options, will expire on derivatives exchange Deribit.
“Market makers could see some volatility on the 27th as they liquidate hedge positions and take short positions tied to the price of bitcoin options,” said Sean McNulty, head of trading at Abelos Markets, a cryptocurrency liquidity provider.
