Cryptocurrency Market News: Around 87,000 Bitcoin Options set to expire this Friday

Here is what you need to know on Wednesday 23, September

BTC/USD is trading at $10,500 after a small bounce from yesterday’s crash, however, it seems that the daily chart could be forming a bear flag.

ETH/USD is doing something similar at $343 waiting for a bigger bounce as the market sentiment turns to fear.

XRP/USD is staying above $0.23 which is a significant support level. A breakout of this level would most likely take XRP down to $0.20

Chart of the day: BTC/USD daily chart

Market

The market will be volatile this week as a massive number of Bitcoin and ETH options are set to expire on Friday. Deribit, which has 77% of this volume, as it is the biggest derivatives exchange, also has around 414,000 ETH options, which is 90% of the total 459,000 ETH options across all platforms including CME, Okex or Ledgerx.

Usually, an expiry of a large number of options means a spike in volatility. It’s unclear if the price of Bitcoin and Ethereum will go up or down as sometimes even the volatility doesn’t really change. 

Industry

Bread (BRD) intends to provide anti-money laundering services, fraud detection and other compliance tools for cryptocurrency businesses but also financial institutions and government agencies. 

Adam Traidman, CEO of Bread told CoinDesk in an interview that BRD will use its Blockset services primarily for banks and other financial institutions adding:

Layering these crucial applications on top of Blockset allows us to offer a comprehensive, broad-use offering to financial institutions from a single platform. This also enables our enterprise customers to address many use cases across all their crypto projects from a single vendor

Quote of the day

Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.

– Marc Kenigsberg