Tom Lee: the current correction is driven by the expiry of Bitcoin futures contracts

Tom Le, one of the most renowned analysts in the crypto world, believes that the Bitcoin slipped last week due to expiry of the next scheduled Bitcoins futures contracts on the Chicago Board of Options...

Tom Le, one of the most renowned analysts in the crypto world, believes that the Bitcoin slipped last week due to expiry of the next scheduled Bitcoins futures contracts on the Chicago Board of Options Exchange (CBOE).

In Lee’s opinion, XBT futures expiry is among the factors causing short-term fluctuations of the rate.

For experts expiry means the moment the transaction terminates when the player posts profit or loss.

The CBOE pioneered Bitcoin futures issue in late 2017 followed by CME Group which developed its own cryptocurrency derivative.

The trend proved to be a success and Goldman Sachs, one of major investment banks, also decided to launch Bitcoin futures trading.

Already six cryptocurrency futures issues have already expired since the moment of the first one. The rate drop from $6,600 до $6,300 is due to the transactions expiry on 13 June.