Bitcoin Traders Brace for Sub-$70,000 Christmas

Dow Jones11-11

0910 GMT - Hot inflation in the U.S. has Bitcoin traders bracing for a cold crypto Christmas, options on the Derive.xyz platform suggest. On. Nov. 4, traders were pricing a 53% chance of Bitcoin finishing above $80,000 by Christmas, and a 15% chance of a drop below $70,000. Those odds have now reversed, says Derive.xyz's Nick Forster. "Our options market is pricing a 31% chance of Bitcoin finishing below $70K, compared with just 26% for a finish above $80K," he says. With inflation running hotter than expected and a December Federal Reserve rate increase now priced in, traders are clearly becoming more defensive. The immediate focus is Friday's producer inflation report and whether Bitcoin can stabilize after five consecutive weekly declines, Forster says. Bitcoin last at $73,741.

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