Bitcoin Out of Bullish

 

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Here’s what’s happening this morning:

• Market Moves: Bitcoin's options market shows renewed bias for downside protection. The cryptocurrency has dived out of an ascending trendline.

• Featured Story: The Federal Reserve may abandon its fight against inflation if and when the corporate credit market shows signs of stress.

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• Kapil Rathi, co-founder and CEO, CrossTower

• David Kemmerer, co-founder and CEO, CoinLedger

• Ioannis Giannaros, co-founder and CEO, Wyre

Market Moves

By Omkar Godbole

Nervousness seems to have seeped into the bitcoin market with the cryptocurrency's break of a bullish trendline amid renewed macro fears.

Put-call skews, which measure the difference between implied volatility premiums of calls and put options, are again trending higher, indicating a renewed bias for puts, which are options that offer downside protection.

Notably, the six-month skew has increased from -1% to 5% in one week. The one-week, one- and three-month metrics have seen similar moves, according to data provided by Skew.