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Some bitcoin selling on Friday caused its price to decline. Ether options traders appear less inclined to place bets on the asset’s price, as evidenced by lower Deribit volume.
Bitcoin (BTC) trading around $18,975 as of 21:15 UTC (4:15 p.m. ET). Slipping 2.1% over the previous 24 hours.
Bitcoin’s 24-hour range: $18,717-$19,556
BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
Some tax-related profit-taking might be in store for the balance of December, added Edgerton. “We are also getting to the point where investors in the U.S. start to review their portfolios from a tax optimization point of view, which could lead to selling pressure in the U.S. over the next few weeks.”
Ether options volumes dropping
After a surge of ether options volume on derivatives venue Deribit at the end of November, market interest seems to have dissipated, according to Greg Magadini, chief executive officer for data aggregator Genesis Volatility. “Volumes are decreasing and implied volatility is dropping. There is no clear decisiveness at the moment,” Magadini told CoinDesk.
Fresh off of bitcoin’s record high in late November, leverage funds trading bitcoin futures on the Chicago Mercantile Exchange continue adding to their short positions as the leading cryptocurrency trades above $19,000.
Net short open interest (OI) for CME leveraged funds, or the total amount of outstanding contracts, hit record levels for the past two weeks, according to CME Commitment of Traders reports published every Friday.
Despite a slight decrease in short positions in early November, this demographic of traders has continued increasing its short positions since September. Over the same time period, bitcoin (BTC, +0.62%) has gained 60%.
Notably, OI for the other categories of CME traders is not nearly as bearish. For example, net OI for the catch-all category of “Other Reportable” traders, claiming 17% of total OI, is heavily long and near all-time highs.
MicroStrategy CEO Michael Saylor announced his company’s third bitcoin purchase on Twitter Friday evening, per SEC filings the same day.
This year’s National Defense Authorization Act is nearing completion.
It includes new language that broadens the definition of “currency” to include digital currencies.
President Trump is threatening to veto it because it doesn’t repeal Section 230 of the Communications Decency Act.
Congress is finishing up its negotiations surrounding the National Defense Authorization Act (NDAA) for the 2021 fiscal year before the bill is set to appear before both the House of Representatives and Senate.
The NDAA is a massive bill passed annually that includes budget authorizations for the Department of Defense. The final draft of this year’s bill includes the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act (the, uh, ILLICIT CASH Act). The act focuses largely on bolstering the government’s efforts in the realm of AML and CFT, or Anti-Money Laundering and Countering the Financing of Terrorism.
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