Critical support. What are crypto traders Betting on by the end of August

RBC-Crypto does not provide investment advice, the material is published solely for informational purposes. Cryptocurrency is a volatile asset that can lead to financial losses. On the night of August 26, the price of bitcoin fell below $109 thousand, the price of Ethereum (ETH) to $4.3 thousand, the decline in exchange rates over the past day was about 3 and 9%, respectively. Volatility has led to almost billions of losses in trading margin positions on crypto exchanges. Experts note the importance of maintaining the $110,000 level, and options market traders still expect growth by the end of August. This sharp jump is probably the result of excessive use of borrowed funds, especially after the recent growth of ETH and the sharp drop in the S&P 500 index overnight, which generally put pressure on risky assets, Coindesk quotes analysts from Derixe, whose conclusions about the high level of borrowed funds can be confirmed by liquidation data. trading margin positions.