As a seasoned financial analyst with extensive experience in the cryptocurrency market, I am closely monitoring Deribit’s decision to introduce bitcoin and ether options expiring on November 8, 2024. With over $3 billion in total assets under management, Deribit has established itself as a dominant player in the crypto derivatives market, accounting for a significant portion of the bitcoin options trading volume since 2020.
Deribit, a cryptocurrency derivatives exchange, is introducing new options for bitcoin and ether with expiration dates of November 8, 2024. These trading products will be accessible starting from July 18, 2024, at 8 AM UTC. With this addition, investors can place wagers on the potential impact of upcoming elections on crypto markets.
Deribit announced on its social media channel that they will bring forward the options expiry date to November 8, 2024, in response to client requests. This early introduction intends to help clients prepare for the upcoming US elections on November 5, allowing them to make speculative trades, hedge positions, and more.
Due to high client interest, we are bringing forward the expiration date for options based on the 2024 US election on November 8th. This early rollout will allow our clients to make strategic moves in advance.
— Deribit (@DeribitExchange) July 16, 2024
“Deribit stands out among crypto derivative exchanges with approximately $3 billion in total assets, as indicated by Coinmarketcap’s figures.”
As a market analyst, I’ve observed that since the year 2020, Deribit has held a significant dominance in the Bitcoin options market, accounting for approximately 70% or around $35.7 billion of the total trading volume in April 2024, which amounted to $51.1 billion.
The integration of options related to elections is in line with a widespread development in the realm of blockchain technology for wagering on political events. This progression encompasses the emergence of “PoliFi” tokens, which are focused on political finance, and platforms like Polymarket, where individuals from around the world can place bets on U.S. election outcomes.
Additionally, the ongoing political landscape has sparked increased curiosity about crypto applications in elections. The crypto sphere has kept a keen eye on how political stances towards digital currencies are evolving.
As a analyst, I’ve noticed an intriguing shift in former President Donald Trump’s stance towards cryptocurrencies. Contrary to his past views, he now holds a positive attitude towards these digital assets. This unexpected turn of events has ignited intense debates within the industry. In fact, Trump is slated to deliver remarks at the Bitcoin 2024 convention in Nashville on July 27.
As the United States election draws near, Deribit introduces fresh options for traders, enabling them to articulate their market perspectives regarding prospective regulatory adjustments and political results. Yet, it’s essential to recognize that these cryptocurrency derivatives come with substantial risks and could potentially amplify market instability during political occurrences.
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2024-07-17 05:08