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Cryptocurrency News Articles

Deribit Introduces Bitcoin and Ether Options Expiring on November 8, 2024

Jul 17, 2024 at 08:57 am

These new trading products will be available starting July 18, 2024, at 8 AM UTC, letting investors bet on how the election might affect crypto markets.

Deribit Introduces Bitcoin and Ether Options Expiring on November 8, 2024

Cryptocurrency derivatives exchange Deribit will introduce bitcoin and ether options expiring on November 8, 2024.

These new trading products will become available starting July 18, 2024, at 8 AM UTC.

According to Deribit, the early introduction of these options is based on client demand, enabling them to speculate on how the election might affect crypto markets.

Deribit is positioned as a major player in the crypto derivatives market, with over $3 billion in total assets, as reported by Coinmarketcap.

Since 2020, Deribit has controlled a substantial portion of the bitcoin options market, accounting for 70% ($35.7 billion) of the total $51.1 billion trading volume in April 2024.

The introduction of these election-related options coincides with a broader trend of blockchain-based betting solutions focusing on political outcomes.

This phenomenon includes the emergence of “PoliFi” (political finance) tokens and prediction markets like Polymarket, where global participants can wager on U.S. election results.

Recent political developments have also amplified interest in crypto-related election products. The cryptocurrency community has been closely observing shifts in political perspectives towards digital assets.

For instance, former President Donald Trump’s recent favorable comments on cryptocurrencies, contrasting his previous stance, have sparked discussions within the industry. Trump is set to appear at the Bitcoin 2024 convention in Nashville on July 27.

As the U.S. election approaches, Deribit’s new options offer traders another instrument to convey their market views on potential regulatory changes and political outcomes. However, it's crucial to note that these products, like all cryptocurrency derivatives, carry substantial risks and may contribute to heightened market volatility around political events.

Original source:cryptotimes

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