Today is a big day for crypto space as the U.S. President Donald Trump is all set to host the first ever Crypto Summit with industry leaders while it’s the last trading session of the week – often bringing slightly higher volatility – and nearly $2.85 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expires.
Market data from Deribit shows that around 29,000 BTC and 223,000 ETH contracts are expiring today with the combined value of $2.85 billion. While the number is not as huge, its coinciding effets with Trump’s crypto summit and reserve speech could drive significant volatility in the market.
Ahead of the expiry, the crypto market has already started showing signs of drastic volatility before the U.S. stock market opens. As per Coinmarketcap data, BTC is currently trading at $89,000 and ETH hovering around the $2,190 price mark.
Crypto Summit To Go Love Today
The crypto industry is going through ground-breaking developments under Trump’s presidency with him now openly supporting crypto reserve and taking a huge step towards embracing Bitcoin and other crypto assets by hosting the for the first ever crypto summit today.
This summit will be attended by prominent attendees from the crypto space – including Michael Saylor from Strategy, Brad Garlinghouse from Ripple Labs, Brian Armstrong from Coinbase and dozens of others. Through this summit, Trump is expected to ask them to push the domestic crypto environment within the U.S. while proposing friendlier crypto policies.
While it’s the last day for weekly trading sessions in the U.S. stock market, it could be one of the huge as market players will be closely monitoring Trump’s stance on Bitcoin throughout the summit.
Besides, traders will be closely watching ETH, SOL, ADA and XRP as they all are emerging crypto assets after Bitcoin and are a part of Trump’s recently revealed strategic crypto reserve.
Also Read: Crypto Market Sees $390M Liquidations After Trump Order
