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The volume of Bitcoin options hit a new record when the BTC miner reached breakeven fee

    The volume of Bitcoin options hit a new record when the BTC miner reached breakeven fee

    Bitcoin derivatives traders (BTC) set a record in Monday's collapse – the option trade reached an all-time high of nearly $ 200 million.

    Follow data provided by Skew Markets, the volatile context – which saw the BTC / USD pair drop to a 2-month low of $ 7,625, has caused a spike in trading volumes in options.

    BTC options reached nearly $ 200 million during the day

    Total volume from CME Group and exchanges such as Deribit and OKEx reached US $ 198 million in the first Monday of the week. This figure easily eclipses the previous record of about $ 175 million – set in February.

    Volume of Bitcoin options. Source: Skew
    Volume of Bitcoin options. Source: Skew

    Since then, volatility has pushed Bitcoin's price above $ 8,000 before losing most of its earnings on Tuesday to return to around $ 7,800. In traditional markets, Dow Jones also reversed similar progress before opening the same trading day.

    $ 8,000 is the most important level for miners

    Analysts remain cautious about BTC's short-term outlook. The area around $ 8,000 is still very important, digital asset manager of Capriole digital Charles Edwards stressed, because this level represents the average production cost of Bitcoin.

    After the halving event in May, he said, production costs would skyrocket to around $ 17,800, with $ 8,000 becoming a “pessimistic” price for the rest of this year.

    “I won't give a specific date about it, my goal is in the middle of 2020,” Edwards added.

    As Toiyeubitcoin previously reported, even at $ 7,600, Bitcoin is on the right track as expected by the stock-to-flow model – one of the most accurate price prediction models in history.

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    According to CoinTelegraph
    Translated by ToiYeuBitcoin

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