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Thursday

24 June 2021

Bullish Bitcoin newsflow gives bulls a boost ahead of Friday's $565M options expiry

Bullish Bitcoin newsflow gives bulls a boost ahead of Friday's $565M options expiry


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Bullish Bitcoin newsflow gives bulls a boost ahead of Friday's $565M options expiry.

This strong move saved the bulls because any level below $34,000 would have wiped 98% of the current call (buy) options.

First, MicroStrategy, a publicly-traded company that holds over $3.2 billion worth of Bitcoin, concluded a $500 million bond offering on June 8, and the proceeds will be used to buy more BTC.

Furthermore, the government announced that it would eventually hold $150 million worth of BTC in a trust fund.

With less than 24 hours until Friday's expiry, the call (buy) options up to $41,000 amount to 3,235 BTC contracts, currently worth $120 million.

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cointelegraph.com
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