Ethereum Price | ETH Price Index, Live Chart and USD Converter – Binance

No Let-Up in Demand for Bitcoin, Ether Puts After Dovish Fed Minutes U.S. Federal Reserve ( Fed ) policy and macroeconomic factors are no long the focal points for crypto traders.That ‘s the message from the derivatives commercialize, which shows no signs of a let-up in demand for puts, or bearish bets, tied to bitcoin and ether in the wake up of the pacifist Fed minutes released Wednesday.The persistent put diagonal indicates the market is squarely focused on contagion sparked by the fall of Sam Bankman-Fried ‘s FTX, once the world ‘s third-biggest crypto trade platform, and is improbable to find a penetrate entirely on the back of improving macro conditions. “ Crypto is still very much-event gamble drive, reacting to news/rumors about the health of major crypto lender Genesis, ” Dick Lo, the founder and CEO of quant-driven trade firm TDX Strategies, said.The crypto market, roiled by the Fed ‘s aggressive fluidity tighten, has hanker been waiting for the cardinal bank to signal a shift away from rapid-fire interest rate hikes. The market got what it wanted yesterday. “ A solid majority of participants judged that a slow in the yard of [ matter to rate ] increase would likely soon be appropriate, ” the minutes said.The minutes besides hinted at a lack of documentation for Chairman Jerome Powell ‘s post-meeting “ higher rates for longer ” statement, sending the U.S. dollar and Treasury yields lower and stocks higher.Yet, bitcoin and ether put-call skews, which measure the price of bullish calls relative to bearish puts, remain impinge in damaging territory, implying a diagonal for puts.Puts remain in need after pacifist Fed minutes, indicating the market is squarely focused on the fallout from the FTX exchange. ( Amberdata ) Both short-run and long-run skews have scantily bounced in prefer of calls since the unblock of the Fed minutes. “ Clients are not selling their holdings, but want to hedge the downside, ” Lo said.South Korea-based blockchain analytics firm CryptoQuant said, “ The ongoing fiscal problems of Genesis Trading, which needs $ 0.5–1.0B from external investors to stay in business, keep pushing the price of bitcoin down. “ Genesis, one of the many firms exposed to FTX, has hired a restructuring adviser after halting withdrawals. FTX filed for bankruptcy protection on Nov. 11. Genesis is owned by DCG, which is besides the parent of CoinDesk.Bitcoin traded near $ 16,580 at press time, having failed to establish a foothold above the $ 17,000 distinguish early today.According to some chart analysts, the largest cryptocurrency by grocery store value is headed toward $ 13,000. “ late volatility in the cryptocurrency marketplace has generated a long-run breakdown in bitcoin below cardinal support near $ 18.3K, increasing downside hazard to support from the 2019 high ( ~ $ 13.9K ) over the come months, ” Katie Stockton, founder and oversee collaborator at Fairlead Strategies, said in a note to clients. “ The have a bun in the oven commercialize cycle remains in force, with negative long-run momentum allowing oversold conditions to be sustained, ” Stockton added.The chart shows bitcoin has dropped below key support. ( Fairlead Strategies ) Omkar Godbole – CoinDesk 6 hour ago

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