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Crypto

Bitcoin Surges to New Highs, Options Expiry Event Looms

Guavy AI Editorial Team
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BTC
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Bitcoin has made its best August in nine years, setting a strong tone for Q4. The cryptocurrency rapidly recovered from a sharp drop below $77K triggered by rising Middle East tensions but managed to bounce back toward $79,000.

The market capitalization of Bitcoin remains near $1.58 trillion, and its dominance is above 58.5%. This comes as the US Treasury's bond buyback announcement has boosted Bitcoin, with prices gaining roughly 26% since August 19.

Bitcoin's rapid climb has also led to a significant options expiry event on Deribit, with around 81,700 Bitcoin options worth approximately $6.44 billion set to expire on Friday.

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