Crypto Prices Today (Dec. 24): BTC, ETH, BNB, and TRX Exhibit Caution Ahead of U.S. Jobless Data and $28B Options Expiry

Today, major cryptocurrencies are experiencing a sideways market trend. This stagnation is largely due to low holiday trading volumes, anticipation of significant U.S. economic data releases, and an upcoming record options expiry.

Key Takeaways

The total cryptocurrency market cap dipped 0.7% to $3.02 trillion.
Bitcoin is trading between $86,800 and $88,100, currently close to $87,000, down 0.5% in 24 hours.
Ethereum has decreased by 0.8% to $2,940, while other cryptocurrencies, including BNB and XRP, have faced similar losses.
Investors are showing caution ahead of the Christmas season, leading to reduced exposure to riskier assets.
The Crypto Fear & Greed Index stands at 24, reflecting “Extreme Fear” in the market.
A record options expiry is set for this week, potentially affecting market dynamics.

Crypto prices today (Dec. 24): BTC, ETH, BNB, TRX remain muted ahead of US Jobless data and $28B options expiry.

Main Content

Major cryptocurrency prices are holding steady this Wednesday as investors take a cautious approach. This market stagnation is attributed to reduced trading volumes during the holiday season, the anticipation of upcoming U.S. economic reports, and a record expiry of options this week.

According to data from CoinGecko, the total market capitalization of cryptocurrencies fell slightly by 0.7%, bringing the total to $3.02 trillion as of Dec. 24, Asian time. Bitcoin, the world’s largest crypto asset, fluctuated between $86,800 and $88,100 before stabilizing around $87,000, which marks a decrease of 0.5% over the past 24 hours.

Ethereum saw a drop of 0.8%, now priced at $2,940. Other major cryptocurrencies, including BNB, XRP, Solana, and TRON, experienced losses ranging from 1% to 2%. Meanwhile, smaller-cap assets, such as Midnight (NIGHT), Pump.fun, and Uniswap, were among the worst performers, with losses of 14%, 8%, and 7%, respectively.

Investors are adopting a cautious stance, reducing exposure to riskier assets as they navigate the Christmas holiday period, which typically sees lower trading volumes as traders book their profits. Data compiled by CoinGlass indicates that the total futures open interest for the crypto market has decreased by 1.3% over the past 24 hours to $128.1 billion. Additionally, the volume in the spot market has dropped 10% to $101 billion.

Investor appetite appears restrained due to a combination of macroeconomic challenges and forthcoming market events. At the time of writing, the Crypto Fear & Greed Index rests at 24, signaling ongoing “Extreme Fear” within the market.

Investors are particularly cautious today as they await the release of U.S. jobless data later. Expectations suggest there will be around 223,000 to 225,000 new claims. Should the data come in hotter than anticipated, it could exert additional pressure on the Federal Reserve to consider cutting rates.

Recent comments from Fed officials and the Fed Chair have highlighted a more hawkish outlook regarding rate cuts, particularly for early 2026. Historically, cryptocurrencies tend to rally when rate cuts are expected, and experience pullbacks if such cuts are postponed or deemed less likely.

The market had turned bearish in the days leading up to today, especially after the Bank of Japan raised interest rates to 0.75%, marking the highest increase in 30 years. This decision contrasts with the Fed's recent rate cut to a range of 3.50%-3.75%.

Cryptocurrencies have shown volatility in the past when the Bank of Japan has increased interest rates, as this move tends to strengthen the yen and potentially unwind “carry trades” involving investments in higher-yielding, riskier assets.

Record Options Expiry Raises Concerns

Adding to the bearish sentiment among traders is the upcoming expiry of nearly $27 billion to $28.5 billion worth of options tied to Bitcoin and Ethereum contracts on Deribit, which is set to happen on Friday, Dec. 26.

If this record expiry occurs, it would mark the largest expiry in the exchange's history. Traders are currently hedging around the "max pain" price (currently around $96,000 for BTC), which may keep prices stable until the expiry. However, it’s important to note that following this significant expiry, a relief rally or increased volatility could result as mechanical hedging pressures ease and the market repositions itself in preparation for 2026.