Bitcoin today trades below $47K as the fear in the market creeps in. The options expiry date approaching has kept the sentiments of the investors in check, whereas Algorand sails against the tide gaining on the incentive program news.
Bitcoin today is trading below the $47K mark falling by almost 6% from yesterday. The centre of the market that is deriving the price is the options expiry due on 31st December. The experts believe that the situation will normalize a few days after the expiry settlement. All the altcoins saw an even greater dip as the No.1 cryptocurrency took the plunge. Throughout the week, cryptocurrency trading showed a low volume due to the New Year holiday season.
The layer 1 cryptocurrency Algorand on the other hand sailed against the tide and gained around 6% with a high of $1.63 per ALGO. ALGO’s gains came after Algorand Foundation announced a liquidity incentive program with Algorand’s first algorithmic money market and stablecoin protocol Algofi.
As per the fear and greed index, the sentiment of the investors has shifted more towards the fearful side with a value of 22 that denotes Extreme Fear. The news of Options Expiry and the holiday season has taken the investors into believing that a flash crash can be near and thus they are laying low until the holiday season ends.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – sergeitokmakov on Pixabay