Crypto Investors Skew Towards Protective Put Options Amidst Market Uncertainties, BTC Hash Rate Continues to Rally, and Disney Ramps up Their Metaverse Effort
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In a spillover of good news from yesterday, the crypto market has just experienced a 2% surge in its market cap from 24 hours ago on the back of what it appears to be a de-escalation of geopolitical tensions between Russia and Ukraine, and is now valued at $1.98 trillion. The number 1 cryptocurrency by market cap, BTC, has risen by 1% within the past 24 hours, and is currently trading just above the $44,000 mark (as of the time of writing). In a similar vein, ETH has rallied by close to 4% in the last day, and is now trading above the $3,100 level, while most major altcoins are also in the green.
From the price movements of the past 3 days, it seems that some much-needed peace and stability may finally be upon the crypto market. Whether this period of relative stability is to last, however, remains to be seen, as a couple of factors have already eagerly lined up to challenge this very narrative. For one, it was recently revealed that the world's largest asset management firm, BlackRock, looks set to open up crypto assets to its clients. As BlackRock has an AUM of close to a whopping $10 trillion, their entry into the crypto trading space will likely usher in a new epoch of large market movements and volatility.