Bitcoin rally loses steam as market braces for expiry of crypto derivatives
A bitcoin rally is fizzling in the final days of a record-breaking year for the digital asset, as investors assess the remaining impetus from US president-elect Donald Trump’s embrace of the cryptocurrency sector.
The largest token changed hands at US$96,200 as of 2pm Friday in Hong Kong, partly paring a retreat of almost 3 per cent from a day earlier. Smaller rivals including ether and dogecoin, a favourite of the meme crowd, oscillated in tight ranges.
The crypto market is also braced for the expiry of a substantial quantity of bitcoin and ether options contracts on Friday – one of the biggest such events in the history of digital assets, according to prime broker FalconX.
The notional value of the bitcoin contracts on the Deribit…
