Bitcoin Option Traders Hedge Against Downside Risk as Price Dips to Near $32K
Options traders look to be preparing for further falls in bitcoin's price in the short term, according to put-call skew data.
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A mixture of bearish price-chart patterns and ill-understood news items combined to cause bitcoin's biggest price plunge since March, in a demonstration to market newcomers of the cryptocurrency's notorious volatility.
Despite a bounce earlier on Friday, bitcoin may yet see further losses in the near term.
The cryptocurrency is now up 105% since Jan. 1, 2021.
S&P joins a growing list of Wall Street firms to weigh in on bitcoin after prices for the cryptocurrency quadrupled in 2020.
There are many long-term bulls in the bitcoin market. But in the short term?
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