Crypto Market Declines Amid Options Expiry and Economic Data
- The total cryptocurrency market cap has decreased by over 1% to $2.32 trillion.
- Bitcoin (BTC) retraced from nearly $70,000, while Ethereum (ETH) fell by 2% to $2,008.
- Top altcoins like XRP, BNB, and Cardano saw declines of up to 5% in the last day.
- Over $8.3 billion in monthly options for BTC and ETH are set to expire today, with a put/call ratio indicating bearish sentiment.
- The U.S. PPI inflation report is expected to show a slowdown in month-over-month inflation to around 0.3%.
Today’s decline in crypto prices is attributed to impending options expirations and mixed macroeconomic data from the U.S., including lower jobless claims that may influence Federal Reserve policies.
With Bitcoin facing significant resistance at $70,000 and Ethereum’s price fluctuating around $2,200 due to options expiry pressures, traders are closely monitoring market conditions for potential shifts.(Source)
