Unleashing Potential: How Traders are Strategizing for Ethereum’s Next Move
Latest Prices
While the price of Ether (ETH) reached a new record high of over $4,000 on Tuesday, options traders are bracing for a possible dip in the near-term. According to the one-month call-put skew, an options market measure of sentiment, puts, or options used to protect against bearish price trends, are currently more expensive than calls, or options used to protect against bullish moves. This suggests that traders are anticipating a potential downside in the market. The 60-day skew has also turned negative, while the 90-day and 180-day metrics remain positive. This could indicate that traders are hedging against shorter-term price fluctuations, while still remaining bullish in the long-term.
El Salvador’s Bitcoin Treasury Sees $84 Million in Unrealized Profit
El Salvador, a country that became the first to recognize bitcoin as legal tender in 2021, has seen its bitcoin treasury rise to over $206 million as of Tuesday. The treasury currently holds 2,681 BTC, acquired at an average cost of $42,600. Since the passage of El Salvador’s “Bitcoin Law,” citizens can pay for goods, services, and taxes with bitcoin. This year has seen bitcoin rise by 250%, allowing the country to make a significant profit on its initial investment.
Nigerian Authorities Detain Binance Executives Amid $10 Billion Accusation
Two senior executives from Binance, Tigran Gambaryan and Nadeem Anjarwalla, have been held against their will for two weeks by Nigerian authorities. The executives were invited to Nigeria to discuss the government’s accusations that Binance enabled the processing of $26 billion in untraceable funds within the country. After their initial meeting with government officials, the executives were moved to a “guesthouse” run by the National Security Agency. The Nigerian government has demanded $10 billion from Binance in penalties, causing tension between the two parties.
Chart of the Day: Dogecoin Soars to Two-Year High
The weekly price chart of Dogecoin (DOGE) shows the meme cryptocurrency breaking out of a long-term base pattern and reaching a two-year high. This breakout could signal a bullish trend in the market. However, the rally in DOGE and other meme coins has also been seen as a sign of speculative frenzy, often observed at market tops. Despite the recent increase, DOGE is still well below its all-time high of 60 cents, reached in May 2021.
