The cryptocurrencies market fell following the US stock market on the 28th after the US government failed to suspend the federal debt ceiling and avoid a partial government shutdown.
In an email to Coindesk, Charlie Silver, CEO of Permission.io, wrote:
“In equities, we are about to enter the most dangerous month of the year – October has been the month where crashes and major corrections take place. Crypto is vacillating between resistance and support, waiting for regulatory clarity in the U.S. and central bank moves around the Chinese debt crisis.”
At the time of writing, Bitcoin was trading at $42,221.73 (29 Sept. 09:00 AM UTC), an increase of 0.94% within 24 hours.
World’s largest Altcoin Ethereum dipped below $3,000 this week, currently trading at $2,900 with a 24-hour price change of -0.04%. The altcoin reached below $2,800 at 12:20 AM UTC before rebounding to current levels.
According to data by cryptocurrency options exchange Deribit, Ethereum put options trading volume is skyrocketing before its expiry on October 8, suggesting that traders have been seeking a way to halt their losses.
In a recent Telegram announcement, crypto trading firm QCP Capital wrote:
“The market aggressively paid for over 13,000x contracts of Oct. 8 ETH puts since Asia morning, and front-end risk reversal skewed heavily toward puts once again. We remain wary of ETH downside for any near-term potential leg down.”