Cryptocurrencies
Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000
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With the so-called Trump bump fading across markets, Bitcoin options are showing that investors and traders are hedging against a decline in the cryptocurrency to levels last seen just after election day.
The open interest, or the number of outstanding contracts, for put options with a strike price of $70,000 is the second highest among all contracts expiring on Feb. 28, according to data from Deribit, the largest crypto options exchange. A total of $4.9 billion in open interest is set to expire on Friday.