Analysis Daily TheBitTimes.com

Bybit, a UAE-based crypto exchange, has hired Sebastian Gawenda as its options business leader . Gawenda joins Bybit as an experienced institutional sales expert. He previously led the Institutional Sales teams for Crypto.com’s spot and derivatives exchanges. Earlier, Gawenda was instrumental in guiding the Institutional Relationships and Solutions division for the EMEA region at Kraken.  You might also like: Bybit CEO bridges path to Web3 at Silk Road Forum “There’s a significant market demand for USDC-settled options coupled with access to a thriving spot and derivatives market,” said Sebastian. “I’ve observed this need in conversations with institutions and individual traders. I’m thrilled to join Bybit, which already boasts a thriving spot and derivatives market, a unified trading account, cutting-edge technology, and an exceptional team — it’s a winning combination!” Gawenda is also an experienced algorithm...

BTC bulls were liquidated during the drop to $15,500 on Nov. 21, and more downside could occur if bears profit $245 million during Friday’s expiry. Bitcoin (BTC) faced a 7.3% drop between Nov. 20-21 as it tested the $15,500 support. While the correction seems small, the movement has caused $230 million in liquidations in futures contracts. Consequently, bulls using leverage came out ill-prepared for the $1.14 billion monthly options expiry on Nov. 25. Bitcoin investors’ sentiment worsened after Genesis Trading, which is part of the Digital Currency Group (DCG) conglomerate, halted payouts at its crypto lending arm on Nov. 16. More importantly, DCG owns the fund management company Grayscale, which is responsible for the largest institutional Bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC). Additionally, Bitcoin miner Core Scientific has warned of “substantial doubt” about its continued operations over the next 12 months given its financial uncertainty. In its quarterly r...