<p>Odaily Planet Daily News: Bitcoin is experiencing further declines, having dropped 25% from its all-time high set less than six weeks ago as of Friday. This drop is prompting traders to hedge against Bitcoin falling to $70,000. Deribit data shows that the open interest for Bitcoin put options with a strike price of $70,000 ranks as the second highest among all contracts expiring on February 28. A total of $4.90 billion in open interest will expire on Friday, and the lack of clear bullish signals is causing investors to remain cautious in a risk-averse environment and withdraw from cryptocurrencies. Ravi Doshi, co-head of markets at cryptocurrency market maker FalconX, stated: "The cryptocurrency market is still looking for new catalysts to reverse the bearish sentiment." (Bloomberg)</p>

Odaily Planet Daily reported that Bitcoin is experiencing further declines, having dropped 25% from its all-time high reached less than six weeks ago. This downturn is prompting traders to hedge against Bitcoin falling to $70,000. Data from Deribit shows that the open interest for Bitcoin put options with a strike price of $70,000 ranks second among all contracts expiring on February 28. A total of $4.90 billion in open contracts will expire on Friday, and the lack of clear bullish signals is causing investors to remain cautious in a risk-averse environment and withdraw from cryptocurrencies. Ravi Doshi, co-head of markets at crypto market maker FalconX, stated, "The cryptocurrency market is still looking for new catalysts to reverse the bearish sentiment." (Bloomberg)

Traders hedge against Bitcoin's drop to 70 thousand, as the market needs to find new catalysts to reverse bearish sentiment.