Chart of the Day
Max Pain. Nearly $6 billion in Bitcoin options are set to expire this Friday, March 26, 2021. The last bull momentum drove up the price expectation for April, historically a month of high returns, with many investors placing bets on $80k. However, Bitcoin was seen changing hands on Wednesday at around $56k. The max pain in the options market, a price level that would cost the most number of options to expire worthlessly, currently sits at around $40k. Will the price of Bitcoin gravitate toward $40k with one day to the expiry? Or will it change direction after Friday when the downward pressure is shaken off?
Talk of the Town
Hear ye! Hear ye! The Technoking of Tesla’s decree on Twitter confirms an acceleration of crypto adoption as a vehicle for payments, with the option to make purchases using Bitcoin now appearing on the company’s U.S. website. Musk also confirmed that Tesla will add any payments in Bitcoin to the company’s crypto reserve with transactions overseen by its internal Bitcoin nodes, instead of converting them to fiat currency. A groundbreaking moment in crypto history as the world’s largest cryptocurrency is incorporated into the Tesla ecosystem, leaving one to wonder: What’s next? In retrospect, it was inevitable.