25 Mar 2021

Elon Musk's raise fades as bitcoin surges 10% to $50,000


Prices of the world's largest cryptocurrency, bitcoin, fell below $51,000 on Thursday, a day after regaining the $57,000 mark, ahead of the options expiry on Friday. 

According to a report, the bitcoin options market's near-term emphasis is on this Friday's March expiry, when a record $6 billion of contracts are expected to come due, with some analysts warning of an extreme pullback to what's known as the "max pain" point, which is currently at $44,000.

On Wednesday, the world's oldest cryptocurrency reclaimed its $57,000 level after Tesla CEO Elon Musk revealed that the digital asset will now be used to purchase the company's electric vehicles.

Siddharth Menon, Co-founder and COO of WazirX, said, “We saw a 5% increase in the dollar index this week, which has stopped other markets, including bitcoin. This is also a region of indecisiveness, which alt-markets dislike. It will be interesting to see how markets respond as we get closer to some main futures contracts on March 26 and 28."

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