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First Mover Asia: Bitcoin Could Experience Price Turbulence as $30K Is Tested

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As Asia's trading day began, bitcoin was trading sideways at about $30,230. An analyst noted that ether has experienced substantial institutional trading activity. TheSamReynolds writes

As Asia opens for trading, bitcoin has still held past the $30K mark at $30,323, flat over the past 24 hours, according to CoinDesk data. Ether, meanwhile, is trading at $1,860, down 1.3%.

Shaun Fernando, Chief Risk Officer at Deribit, told CoinDesk in a note that bitcoin’s ‘max pain’ point, or a part of the market when option holders will experience the most financial loss, while option sellers can be the ones who profit the most, is currently at $26K, which should alleviate some of the downward pricing pressure after the“With an impressive open interest of over $350 million at the 30k strike, the approaching quarterly expiration promises an exhilarating conclusion, carrying the...

Fernando noted that ether has witnessed substantial institutional selling activity, but its implied volatility remains lower than bitcoin.

Source: Digital Coin News (digitalcoinnews.net)

 

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