Bitcoin
Deribit’s Bitcoin and Ether Options for US Election Expiry Receive Approval from Crypto Traders
Leading cryptocurrency options exchange Deribit announced new options on Tuesday that would allow traders to effectively manage their bitcoins. (BTC) and ether (ETH) positions in the context of the outcome of the crucial US presidential election on November 4.
The introduction of so-called election-expiration options tied to market leaders bitcoin and ether has received positive feedback from traders.
“The US election is a focal point for risk assets [including crypto] and will have a binary effect on fiscal policy and financial stability. Options are an important tool to hedge this uncertainty, so it is natural for Deribit to list this term,” Jeff Anderson, a senior trader at STS Digital, told CoinDesk.
The upcoming election could be even more important for cryptocurrencies, as Republican candidate Donald Trump has recently embraced digital assets, setting himself apart from his incumbent rival, Joe Biden. While Trump has yet to lay out detailed proposals for cryptocurrency regulation, his recent outreach to bitcoin miners and his promised appearance at the upcoming Nashville conference have earned him the industry’s support, establishing BTC and the broader market as a play for his presidency.
As such, BTC and ETH may see increased price volatility before and after the election, necessitating a greater investor focus on using derivatives like options to hedge their portfolios. Options provide insurance against upward or downward price movements in the underlying asset. A call option protects against upward volatility, while a put option protects against price declines.
Deribit’s election expiry options will go live on July 18 at 8:00 UTC and will expire on November 8, or three days after the election results, which are expected to be on November 5. On Deribit, one option contract represents one BTC or ETH.
“These options are a smart move by Deribit; they will allow traders to position themselves ahead of the election and after it, with a three-day buffer after the result. It’s a great way to gain leverage and hedge your exposure simultaneously,” Laurent Kssis, crypto ETF specialist at CEC Capital, told CoinDesk.
Traditional market traders use options to manage their exposure when facing binary events, such as US elections or corporate earnings, whose outcome is uncertain.
“If a trader believed that an asset could have an explosive move in either direction as a result of a binary event, they could buy a straddle, which is buying the same strike price of a put and a call, with an expiration date after the main event,” the global derivatives giant said. CME Explainer titled “Using Stock Options in an Election Year,” it says.
“We often see these types of trades placed ahead of a major macroeconomic release or a company’s earnings report. If the underlying asset moves further away from the strike price than the cost of the options, the trade would be profitable,” the explainer adds.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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