Bitcoin derivatives traders target $40K BTC price now that Binance is resolved
BTC futures and options held firm despite a wave of negative news, and data shows traders targeting $40,000. The cryptocurrency market recently experienced events that were previously expected to present a severe negative price impact, and yet, Bitcoin (BTC) trades near $37,000 on Nov. 22, which is essentially flat from three days prior. Such performance was utterly unexpected given the relevance of Binance’s plea deal on Nov. 21 with the United States Authorities for violating laws involving money laundering and terror financing. Bearish news has had limited impact on Bitcoin price One might argue that entities have been manipulating Bitcoin’s price to avoid contagion, possibly involving the issuing of unbacked stablecoins–especially those with direct ties to the exchanges suffering from the regulatory pressure. Thus, to identify whether investors became highly risk-averse one should analyze Bitcoin derivatives instead of focusing solely on the current price levels. The U.S. gove...