Bitcoin Is Suddenly Surging As It Braces
Bitcoin has rocketed higher, soaring toward its all-time high of almost $110,000 per bitcoin despite BlackRock issuing a serious bitcoin warning last week.
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The bitcoin price has surged more than 30% since hitting Aprils lows of $75,000 per bitcoin, with the bitcoin rally sparking a flood of radical bitcoin price predictions.
Now, as a report reveals a Mark Zuckerberg is quietly plotting to blow up the bitcoin and crypto market, options data shows traders are increasingly betting the bitcoin price will climb to $300,000 by June—a level that would give bitcoin a market capitalization of around $6 trillion.
Bitcoin call options—bets on where the bitcoin price or other assets will be in the future—expiring at the end of June at the strike price of $300,000 are the second most popular call option on the Deribit exchange behind $110,000, according to data compiled by crypto analytics company Amberdata and seen by Bloomberg .
'If we look at dealer positioning on Deribit for bitcoin, we see dealers being short a lot of gamma $110,000 as traders are buying options for new all-time highs,' Greg Magadini, Amberdata's director of derivatives, told the financial newswire, referring to a gamma squeeze in which the market can suddenly swing.
'This is showing us that the market positioning is heating up in anticipation of new all-time highs and once in uncharted price territory, there's no telling how high bitcoin can go.'
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Also read: Abraaj Restaurants Becomes First Bitcoin Treasury Company in the Middle East
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