Bitcoin price in recovery mode ahead of today’s $810 million options expiry
BTC has wiped out its most recent losses by recording monthly gains in excess of 3%.
- There are rumors that the U.S. Securities and Exchange Commission (SEC) may be on the verge of accepting Fidelity’s Exchange Traded Fund (ETF) application in the coming days.
Bitcoin, the world’s largest cryptocurrency by total market capitalization, has continued to mount a steady comeback, with the asset having wiped out its losses from the previous week. At press time, BTC is trading at $47,332.
This ongoing momentum comes on the heels of news that Morgan Stanley has appointed a leader for its dedicated cryptocurrency research wing. There is also growing noise that Fidelity Digital Assets, an investment arm of the $4.2 trillion global fund manager, may become the first US-based firm to get approval for a Bitcoin ETF from the SEC.
September 17th will see $810 million in BTC options expire; however, what’s interesting to note is that derivatives data suggests that bulls may be looking to push BTC past the $50k mark soon. It will be interesting to see how things play out for the market over the weekend.
Low Bitcoin transaction fees highlight the power of crypto
Per data from analytics platform Blockchain.com, a mammoth BTC transaction took place just a couple of days ago. But what’s interesting to note is that, despite the enormous financial value of the transaction, the fee incurred for the transfer was just 0.00001713 BTC fees. Just over a year ago, another Bitcoin transaction worth $1 billion was successfully processed for a gas fee of under $4.
To put into perspective how low these fee rates are, regular fiat transfers take anywhere between 1% and 4% in transaction fees while requiring a total of two to four business days to process. In that sense, a transfer worth $2 billion would cost anywhere between $20 million and $60 million in processing charges alone.
Disclosure: The author owns a range of cryptocurrencies at the time of writing