Bitcoin’s Options Market Skews Bearish as Spot Price Loses Ground

Bitcoin’s options market has flipped bearish for the short term, as demand rises for ways to hedge against further sell-offs in the spot market. 

The top cryptocurrency by market value fell to $17,640 earlier Wednesday, the lowest since Nov. 29. Prices later rebounded somewhat and bitcoin was last seen changing hands near $18,300, according to CoinDesk 20 data. 

Prices have declined by $1,000 in the past 24 hours, taking out crucial technical levels and triggering fears of a deeper decline…

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