Bitcoin is now preparing for a $3.4 billion earthquake after the price of cryptocurrency Ethereum, Cardano, BNB, XRP and Solana crashes

Bitcoin and cryptocurrency prices have fallen off a cliff over the past few days as fears prevailed in global markets that the collapse of troubled Chinese real estate developer Evergrande could lead to a financial meltdown.

Bitcoin price has lost more than 10% over the past three days, with other major cryptocurrencies such as Ethereum, cardano, BNB, Ripple’s XRP and solana dropping even more after posting huge gains.

Now, investors are turning their attention to the $3.4 billion worth of bitcoin options that are expiring on Friday – one of the biggest expiring this year.

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Bitcoin price dropped sharply this week, driving up the price of Ethereum, cardano, Binance… [+] BNB, Ripple’s XRP, and solana.

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Bitcoin options contracts — which allow investors to buy or sell cryptocurrency at a specified price over a specified period of time — worth about 80,000 bitcoin, or about $3.4 billion at today’s prices, will expire on Friday, according to data from cryptocurrency analytics provider Skew first reported. Once by crypto news site ABMCrypto.

The looming expiration of Bitcoin options could lead to a bout of price volatility, with previous large expirations attracting the attention of investors. The volume of the open interest market for Bitcoin has increased over the past year, more than doubling since last summer.

Trading data shows that speculators are optimistic about Bitcoin before the $3.4 billion options expire. There is currently more open interest in “calls” (bets that the price of bitcoin will go up) than in “puts” (betting that the price will go down).

However, the collapse in bitcoin and crypto prices over the past few days means that several bullish contracts are set to liquidate – and some market watchers have warned that the price of bitcoin could drop.

“Bitcoin has lost support at the $44,000 level, and appears poised to test the $39,000 bottom line,” Tim Frost, CEO of decentralized financial investment platform Yield App, said in an email comment. “If it happens from here we can expect a big correction.”

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Bitcoin Market Headed to Major Options Expiry on Friday, Suggesting More… [+] The volatility after the cryptocurrency price crash led to a sharp drop in Bitcoin, Ethereum, Cardano, BNB, XRP and solana.

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The price of Bitcoin and other cryptocurrencies, including top ten cryptocurrencies such as Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, and solana, are expected to remain under pressure this week due to the “risk off sentiment” caused by heightened concerns about the potential Evergrande. Collapse.

“There is a market-wide move toward risk sentiment due to concerns about the Evergrande crash and the effects it could have on Chinese and other debt markets and supply chains,” said Noel Acheson, head of market insights at major cryptocurrency broker Genesys. He said in the comments via email. “When there is volatility in the market, bitcoin takes a beating because it is a risk-free market.”

Bitcoin sentiment is also low given that September has been one of the lackluster months for the bitcoin price, with data showing that Bitcoin has only posted positive gains in September twice since 2013 – in 2015 and 2016.

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