2018-6-15 06:54 |
According to Fundstrat head of research Thomas Lee, the recent decline in Bitcoin (BTC) price is likely the result of the expiration of Bitcoin futures, Bloomberg reports June 14.
In a report, Lee explained that the “gut wrenching” weakness in Bitcoin (BTC), which dropped upwards of 20 percent earlier this week, was the result of futures contracts expiring.
Lee said the “significant volatility” is one of six expirations of Bitcoin that have happened since CBOE launched its futures contracts in December 2017.
Lee wrote: “Bitcoin sees dramatic price changes around CBOE futures expirations… We compiled some of the data and this indeed seems to be true.” According to Lee, Bitcoin usually sees a drop of around 18 percent in 10 days before futures expiration, with prices generally recovering by six days afterward.
Recently, Cointelegraph reported that US Commodity Futures Trading Commission (CFTC) has launched a probe into four major crypto exchanges Bitstamp, Coinbase, itBit, and Kraken that have been providing data for CME Group, which launched Bitcoin futures trading in December 2017.
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