Bitcoin slid on Friday and is heading for a sharp weekly loss amid a sell-off triggered by tepid investor sentiment ahead of a huge options expiry.
The world's first and biggest cryptocurrency was down 0.58 per cent to $108,888.83 at 2.50pm UAE time, remaining below the $109,000 level it fell to earlier in the day, data from CoinMarketCap shows.
It fell as low as $108,776.78 in the past 24 hours and its market capitalisation was down about 2.5 per cent to $2.16 trillion.
From last week's close, Bitcoin is on pace to slide by nearly 6 per cent.
Ethereum, the second largest cryptocurrency, was down 0.63 per cent to $3,894.60, on track for a 14 per cent decline.
The overall crypto market cap was down 2.54 per cent to about $3.72 trillion.
Bitcoin topped $117,000 on September 18 ahead of the US Federal Reserve's hotly-anticipated interest rate decision, but it was unable to sustain the rally amid uncertain market expectations.
Adding to the weight was about $22 billion in crypto options set to expire on Friday. A crypto option is a derivative contract agreement giving the crypto holder the right − the “option” − but not the obligation, to buy or sell a specific underlying asset at a set price up until a set future date, also known as the expiry date, according to Crypto.com.
Wrestling with downside pressure, after dipping to $112,000, Bitcoin is leaving traders focused on whether support at $111,600 will hold, said analysts at 1Konto, a New Jersey-based financial services firm.
“Market participants warn that failure to defend this level could accelerate losses toward $106,000 to $108,000, a zone widely seen as a buying opportunity,” they said.
“Despite dovish commentary from the Fed, Bitcoin has seen little relief, suggesting the asset remains tethered to risk sentiment rather than monetary policy alone.”
Cryptocurrencies remain a high-risk investment, notorious for their volatility easily triggered even by simple trends.
However, the industry received a big boost from the re-election of US President Donald Trump, who had pledged to support cryptocurrencies and has rushed legislation − most notably the Genius Act, Clarity Act and Anti-CBDC Surveillance State Act − to cement the legitimacy of the market.
Since then, Bitcoin has risen to new heights. It hit an all-time high of $124,002.49 on August 14.
But it has remained highly vulnerable to illicit activity: the cryptocurrency industry lost $22.7 billion in scams and hacks since 2011, blockchain analytics platform Crystal Intelligence said in a report earlier this month.
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
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