Bitcoin’s price has remained steady and unmoved despite two important events in the crypto space. First, Bitcoin options worth $1 billion expired yesterday. Second, a prominent cryptocurrency exchange KuCoin got hacked, and $150 million washed away in different cryptocurrencies.
Increase in Global Crypto Market Cap
Instead of decreasing, Bitcoin has shown a slight upward movement by 1% in the last 24-hours. The overall cryptocurrency markets remain bullish throughout the day and do not come under any influence. Interestingly, the global cryptocurrency market cap is standing at $341.06 billion after increasing by 1.14% over the last day.
The trading volume of Bitcoin jumps high, but the price remains static. Bitcoin’s is steady since Thursday when trading volume jumped from $24 billion to $52 billion.
Yesterday, Bitcoin options worth almost $1 billion expired, or you can say half of the options contracts closed. Bitcoin options are similar to futures contracts in which you buy Bitcoin at a particular price in the future. After such great volatility, Bitcoin should show volatility in the price value, but such a trend does not happen, and we see a little volatility in the last 24-hours.
As crypto exchange KuCoin got hacked, it poured a negative effect on the cryptocurrency image, but we have not witnessed a negative trend in cryptocurrency markets. In a theft attack, the hacker stole $150 million in different cryptocurrencies, including Bitcoin. It seems that people are not now afraid of such scam acts and do not drain money from digital assets markets. KuCoin, however, promised users to cover their losses by giving funds. “Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,” the exchange stated.
Altcoins have also seen stable as altcoins’s market cap has clearly witnessed an increase over recent days. According to CoinMarketCap, Bitcoin dominance has decreased by 0.25% over the day. In the top ten coins, two coins, Binance coin (BNB) and Chainlink (LINK), have surged by 3% and 3.5% respectively.