Market Wrap: Bitcoin Tops $11.1K; Ether Traders Like $400 Options

Bitcoin is making profits on Friday while ether options traders on the Deribit exchange love $ 400 strikes.
Bitcoin (BTC) starts trading at $ 10,050 as of 8:00 PM UTC (4:00 PM ET). 1.4% increase in the last 24 hours.
Bitcoin's 24-hour range: $ 10,834 to $ 11,111
BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
Bitcoin's price gains on Friday, rising to $ 11,111 on spot exchanges like Coinbase before settling at $ 10,050 at press time.
David Lifchitz, chief investment officer of quant trading firm ExoAlpha, says another rally could happen once the price tops $ 11,200, but it could be difficult to hit new highs for 2020 - the Bitcoin record was this year on Aug. 18 at $ 12,483. "The first hurdle for Bitcoin is the lows before September 3 at $ 11,200, then at $ 12,000 and $ 12,500 before attempting to resume previous highs," he said. "So there is still a long way to go."
Related: Is Bitcoin More Correlated to Stocks or Gold?
The last time Bitcoin hit the $ 11,111 price level on Friday was on September 19. That recent surge was backed by lush market related news, Lifchitz added. "Bitcoin looked for a catalyst and found it in part on Thursday when Square announced it had bought $ 50 million worth of Bitcoin and today when President Trump tweeted that a [COVID-19] aid package was back on track" said Lifchitz.
Read More: Bitcoin Now Has To Hit $ 11.2,000 For Bull Revival, Analysts Say
In fact, positive news coupled with short-term liquidations by traders in the derivatives market has helped propel Bitcoin higher. Last day, buy liquidations of over $ 20 million dominated the highly malicious BitMEX exchange, while long wipeouts were only $ 1 million, which is a margin call in the world of cryptocurrencies.
Constantin Kogan, partner of the Crypto Fund of Funds BitBull Capital, notes that spot volumes have increased, which could provide fuel for a further price surge. "The spot market is very active," he said. "From here we saw a possible upward trend to $ 13,000." The volume on the major spot exchanges was $ 371 million on Thursday, well above the daily average of $ 277 million last month. So far, the spot volume on Friday is 288 million US dollars.
Related topics: Bitcoin is nearing $ 11.5,000 for US stimulus outlook and appears to confirm the uptrend
"I'm glad Bitcoin is breaking $ 11,000," said Henrik Kugelberg, a Sweden-based over the counter trader. Kugelberg said many traders will swap alternative cryptocurrencies or poorly performing altcoins for more bitcoin, but this trend will not skyrocket the price. "I have some hopes that it will be between $ 10,500 and $ 11,500 in the fourth quarter as more money will flow from altcoins to bitcoin - bullish, but this year I would say there is no bull run."
Ether options traders prefer $ 400 strikes
Ether (ETH) rose $ 364 on Friday and rose 3.4% in the last 24 hours at 8:00 p.m. UTC (4:00 p.m. ET).
Read more: Opinion - Ethereum is Manhattan and everyone is moving to the suburbs
Ether options traders on Deribit, one of the largest crypto venues in terms of daily volume, prefer bets at the price of $ 400. According to Deribit data aggregated by Genesis Volility, options traders currently have over 75,741 ETH options at an exercise price of $ 400. This is followed by 71,989 ETH on a $ 200 strike in second place, followed by 65,159 ETH on a $ 280 strike.
Greg Magadini, CEO of Genesis Volatility, says the options market has seen many $ 400 calls lately. "The price of $ 400 has become a turning point for ETH recently," he told CoinDesk.
Conversely, Magadini sees many puts for USD 200, although this price level has not been touched on the ether spot market since May. He added that "$ 200 is less logical as $ 250 is a more tried and tested level, but for some reason the market likes it when $ 200 runs out more."
Other markets
Digital assets on CoinDesk 20 are mostly green Fridays. Notable Winners as of 8:00 PM UTC (4:00 PM ET):
Orchid (OXT) + 8.5%
Chain link (LINK) + 6.2%
Monero (XMR) + 4%
One notable loser as of 8:00 PM UTC (4:00 PM ET):
xrp (XRP) - 0.52%
Read more: CME examines market demand for Ether Futures, Options
Shares:
The Asian Nikkei 225 ended the day down 0.12% as economic data from China showed service sector expansion in September.
Europe's FTSE 100 closed in the green of 0.65%, boosted by positive sentiment regarding possible economic incentives in the US.
In the United States, the S&P 500 rose 0.80% as U.S. President Donald Trump continued to signal support for an economic aid package to coronavirus.
Raw materials:
Oil was down 2%. Price per barrel of West Texas Intermediate Crude: $ 40.52.
Gold was in the green at 1.8% and at $ 1,927 at press time.
Treasury:
US Treasury bond yields were mixed on Friday. Yields, moving in the opposite direction as price, rose to 0.157 over the biennium and 2.7% in the green.
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Market Wrap: Bitcoin Exceeds $ 11.1,000; Ether traders like $ 400 options
Market Wrap: Bitcoin Exceeds $ 11.1,000; Ether traders like $ 400 options

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