On June 20, Bitcoin reached a new high of over $106,000 against the backdrop of options expiry and overall growth in optimism within the crypto industry.
Bitcoin Price on the Rise
At the time of writing this article, Bitcoin is trading above $106,000, marking a more than 2% increase from earlier levels of $104,000. On June 20, $3.3 billion in Bitcoin options expired on the Deribit platform, contributing to the price increase. A few days prior, Deribit disclosed expiration data for both Bitcoin and Ethereum, and the market was eager to see how it would react to the event.
Optimism in the Crypto Industry
The rally in Bitcoin's price mirrors continued optimism in the crypto industry. Despite the recent decision by the Federal Reserve Chair to keep interest rates unchanged and geopolitical tensions, Bitcoin remains above the crucial psychological level of $100,000. From June 9 to June 18, Bitcoin ETFs in the US recorded consecutive days of inflows, with the largest inflow day occurring on June 10, exceeding $431 million.
Role of the GENIUS Act
One of the catalysts for Bitcoin’s price rise is the recently passed GENIUS Act, which is expected to be voted on in the House. US President Donald Trump commented on the GENIUS Act, stating that he is awaiting a 'LIGHTNING FAST' move by the House so he can sign it. The GENIUS Act promises to provide greater clarity and support for the entire crypto industry.
The observed Bitcoin price increase and the optimism in the crypto industry highlight the significance of the options expiry and the opportunities presented by the GENIUS Act.
