Bitcoin price news: BTC steadies at $67,000 as traders pay for crash protection
Bitcoin stabilized near $67,000 while traders bought downside protection amid broader market caution and external economic risks.Summary
Bitcoin found support around $67,000 on Thursday, recovering slightly after dipping below $66,000, while altcoins remained flat, signaling continued caution in the crypto market. Crypto-related stocks saw modest gains, contrasting with slight declines in the S&P 500 and Nasdaq 100. On the policy front, tentative progress was noted in White House talks regarding digital asset market structure legislation. However, cracks from the recent downturn persist, exemplified by crypto lender Blockfills exploring a sale after a significant lending loss. Investors remain hesitant due to external risks, including stress in credit markets following Blue Owl's redemption curbs and ongoing geopolitical tensions affecting oil prices. Derivatives data shows traders are actively purchasing downside protection, effectively paying for insurance against further drops while capping upside potential, especially as the average U.S. bitcoin ETF investor is sitting on an estimated 20% paper loss.
(Source：CoinDesk)