Massive $15.2B Crypto Options Expiry May Trigger Big Moves in Bitcoin, Ether
The upcoming settlement of $15.2 billion in Bitcoin and Ether options at Deribit is poised to shake up the market. This event marks one of Deribit’s biggest option expiries, with Bitcoin contracts making up $9.5 billion of it. Traders are bracing for potential bullish swings, as a significant chunk of these options are likely to expire profitably. Key market players are watching how dealer hedging near the crucial $70,000 mark could amplify price movements. (CoinDesk)
Japan Poised for Yen Intervention as Currency Nears 34-Year Low Against Dollar
Japan is on the brink of intervening in the yen’s value, as the currency hits 34-year lows against the U.S. dollar, reaching 151.47. Steven Englander of Standard Chartered Bank predicts imminent action by Japanese authorities to stabilize the yen, with political discussions already in place against further weakening. Japan’s finance minister and other officials have expressed readiness to counter disorderly FX movements, indicating a high sense of urgency. This intervention aims to bridge time until potential shifts in U.S. Federal Reserve and Bank of Japan policies. (CNBC)
Yellen Warns of China’s Clean Energy Export Dominance, Plans Trade Pressure
Treasury Secretary Janet Yellen cautioned against China’s dominance in exporting cheap clean energy products, impacting U.S. green manufacturing. Speaking at Suniva, a solar company, Yellen expressed concern over China’s excess capacity in solar power, electric vehicles, and lithium-ion batteries, distorting global market prices. She plans to address these trade practices with Chinese officials soon. This comes as the U.S. invests in clean energy through the Inflation Reduction Act and CHIPS Act, trying to catch up with China’s advanced clean energy sector. (CNBC)
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