Bitcoin Foundation chairman Brock Pierce says bitcoin’s stock price depends on external market factors.
While equity investors are seeing fresh records, bitcoin followers aren’t seeing what they would call a Santa Claus Rally.
The cryptocurrency continued its down week, trading near $47,000 on Thursday morning.
Over the past two days, bitcoin is down more than 7%.
Bitcoin is also feeling the effects of low daily volume due to the year-end holiday season, according to Coindesk.
Crypto investors have been focusing on an end of week event in the form of the expiration of options contracts on Dec. 31.
A total of 124,700 option contracts worth nearly $6 billion are set to expire Friday, according to data provided by Skew.
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Options give the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date.
Bitcoin is down more than 17% month-to-date, heading for the worst month since May 2021 when it dropped more than 35%
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It is still up almost 63% year-to-date, but down more than 30% from its all-time high of $69,000 on Nov. 10.
