Bitcoin Price Dips to $59,500 as Nasdaq Index Options and CME Futures Stir Market Uncertainty
Arslan Butt is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial...
Bitcoin price recently fell to $59,520, reflecting growing market concerns amid Nasdaq’s plans for Bitcoin Index Options and CME’s introduction of smaller Bitcoin futures.
These developments, combined with Marathon Digital’s expansion into mining other cryptocurrencies, have sparked uncertainty among investors, causing Bitcoin to struggle below the key $60,000 mark. Immediate support lies at $58,000.
Marathon Digital Holdings, a well-known Bitcoin mining company, is expanding its operations to include the mining of other cryptocurrencies, notably the lesser-known altcoin, Kaspa. This strategic move, revealed by CFO Salman Khan, aims to optimize profitability while still prioritizing Bitcoin.
Why Marathon Digital is expanding into mining beyond #Bitcoin – TheStreet: Why Marathon Digital is expanding into mining beyond #Bitcoin TheStreet https://t.co/k8ISDKRATS
Marathon plans to allocate a small portion of its energy resources to Kaspa mining, aiming to generate high-margin returns and enhance shareholder value. Despite this diversification, the company remains primarily focused on Bitcoin.
However, investors are concerned that expanding into other cryptocurrencies like Kaspa might dilute Bitcoin’s market dominance. This move has sparked worries that it could shift attention and resources away from Bitcoin, potentially impacting its value. These concerns contributed to a 5.7% drop in Bitcoin’s price, which fell to $59,480.
Nasdaq has filed with the U.S. SEC to offer Bitcoin Index Options, aiming to provide investors with new tools
Read more on cryptonews.com
