Bitcoin’s current swings in prices are the result of a pressure from the regulators and the stance of federal reserves upon the current inflation in US.
The bulls of Bitcoin were raiding in the market, however, they have laid the majority of their options at 25.5K USD and sometimes higher in the options expiry of 3rd March. On 21st February, the prices of BTC crossed the 25kUSD mark briefly as it reflected an eighteen percent of gains on paper in eight days. However, the constant pressure from the regulatory bodies upon the cryptocurrency field and even though there hasn’t been any announcements, the crypto investors are worried and thus waiting until remarks from the policymakers.
For example, 23rd February, the SEC of USA claimed that things other than the BTC will come under the jurisdiction of the agency. The chairperson of SEC, Gary Gensler have also said that most of the crypto projects are securities as there is a group and people anticipate their profits based on that group.
Bitcoin Prices Are Moving Like A Pendulam:
On March 1st, two of the national reserve officials emphasized the need for aggressive rate of interests to reduce the inflation. Neel Kashkari, the president of Minneapolis fed and Raphael Bostic, the president of Atlanta fed has also reflected upon this decreasing the expectations of an investo of the reversal of the monetary policy.
The open interest for the expiry of 3rd March is almost 710mn dollars. However, the basic figure can be decreased as the raiding bills has grown overconfident after the 25k USD mark they crossed on the trading day of 21st February.
