The decline in the value of the asset may be associated with the expiration of options and the statement of the Central Bank of China
The price of bitcoin on the Binance crypto exchange for the first time in the past six weeks dropped to $ 54.3 thousand. During the day, the first cryptocurrency fell by 5%, and its capitalization dropped to $ 1.05 trillion, according to CoinGecko. The decline in two weeks was almost 15%. At 12:15 Moscow time, bitcoin is trading at $ 55.4 thousand.
The fall in the bitcoin rate may be associated with the expiration of options on November 26 in the amount of almost $ 3 billion. Most of the expiring options have an exercise price set above the historical high of bitcoin ($ 69 thousand).
Given that the current price of the cryptocurrency is $ 55.4 thousand, option holders will incur significant losses. Usually at such times, there is increased volatility in the crypto market. The last time the options expiration affected the cryptocurrency market quotes at the end of September. Then the price of bitcoin for the first time in a month and a half fell below $ 40 thousand.
Also, the reason for the decline in bitcoin to $ 54.3 thousand could be the statement of the Central Bank of China, which proposed to create a system for tracking cryptocurrency transactions. Since the end of September, all cryptocurrency transactions in China have been equated to illegal financial activity.