Market Wrap: Elon Taketh Away – Bitcoin Continues Fall as Options Traders Pile Into Puts – CoinDesk – CoinDesk

Market Wrap: Elon Taketh Away – Bitcoin Continues Fall as Options Traders Pile Into Puts – CoinDesk – CoinDesk

Most cryptocurrencies are down Monday, prompting a flurry of activity in the options markets as traders reposition themselves amid increased volatility.

  • Bitcoin (BTC) trading around $44,211 as of 21:00 UTC (4 p.m. ET). Losing 2.8% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $42,269-$46,462 (CoinDesk 20)
  • Ether (ETH) trading around $3,376 as of 21:00 UTC (4 p.m. ET). In the red 1% over the previous 24 hours.
  • Ether’s 24-hour range: $3,142-$3,587 (CoinDesk 20)

Bitcoin dumps, rest of crypto follows

Bitcoin’s hourly price chart on Bitstamp since May 14.
Source: TradingView

Bitcoin, the largest cryptocurrency by market capitalization, was down Monday 2.8% as of press time and going as low as $42,269 around 17:15 UTC (1:15 p.m. ET). BTC was above the 10-hour moving average and below the 50-day, a sideways signal for market technicians.

“Over the last three months bitcoin has been consolidating around $50,000 within a volatile and wide $45,000 to $60,000 range,” said Jean-Marc Bonnefous, managing partner of investment firm Tellurian Capital. “We
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