Seeking Alpha 2021-09-24 13:57:02

Bitcoin could rally after September options expiry, but then China clamped down

Some traders anticipate the world's largest cryptocurrency, bitcoin (BTC-USD -5.0%) would rally after Friday's monthly options expiry, CoinDesk reports, citing a Twitter poll conducted on Thursday by leading crypto options exchange, Deribit. But that was before the People's Bank of China declared crypto transactions illegal, which triggered a drop in bitcoin and most other cryptocurrencies. The top five largest cryptos measured by market cap (aside from BTC), Ethereum (ETH-USD -8.0%), Cardano (ADA-USD -1.3%), Binance Coin (BNB-USD -8.5%), Ripple (XRP-USD -7.1%) and Solana (SOL-USD -7.4%) sink following China's crackdown. The final results of Deribit's Twitter poll, which has 517 votes, include 49.1% of respondents voting 'UpOnly' for bitcoin's price after expiry, while 21.3% of the poll votes BTC will 'Nuke'. A total of 74.2K bitcoin options contracts worth $3.3B are due to expire today, CoinDesk notes; most of the open interest is in the higher strike call options and will expire worthless. In the first

Bitcoin could rally after September options expiry, but then China clamped down

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