and other cryptocurrencies were largely paused on Friday, holding at levels reached after a recent rally. A recent trend in the crypto options market suggests that a spike in volatility—and possibly a big move upward—could come in the day ahead.
The price of Bitcoin has traded flat over the past 24 hours to just shy of $23,000. The largest digital asset has rallied some 40% in a matter of weeks, enjoying a roaring start to the year that has carried Bitcoin to the highest levels in five months and erased losses that came after crypto exchange FTX’s November bankruptcy rocked markets. Bullish traders are calling it a turning point in the brutal bear market and “crypto winter” that has seen Bitcoin lose two-thirds of its peak value, hitting a multi-year low in November.