After turbulent meltdown in cryptocurrency prices which saw bitcoin- the largest crypto by m-cap and traded volume crash to below $30K, there is seen a good recovery to the tune of 5-20%. As per the Coindesk.com- the blockchain news outlet, which has listed out top 20 cryptos- the maximum rally of over 12% was seen in the Cardano crypto. This was as at IST 7:28 am.
For quite a while now, owing to continuing crackdown on cryptocurrency transactions in China and other regulatory hurdles across the world, cryptocurrencies were eroding in value. In a combined way, the m-cap of all the cryptocurrencies taken together has come down substantially.
Now ahead of the options expiry the bearish sentiment in the crypto Bitcoin is fading as fresh buying has supported price rally after the currency maintained above its support of around $32K on Thursday.
As per the data source Genesis Volatility, as June comes to a close, roughly 69,000 BTC is set to expire at a notional value of $2.37 billion.