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Deribit Adding Options to Allow Bitcoin Traders to Bet on Rally to $120K, $140K
A week ago last Thursday, Deribit made news by introducing call and put options at the $100,000 strike price.
The folks at Deribit apparently think betting on a $100,000 bitcoin (BTC) price is so earlier-this-month because on Friday, mere hours before the leading cryptocurrency hit $25,000 for the first time, the crypto derivatives exchange announced contracts on $120,000 BTC with $140,000 added on Saturday morning.
STORY CONTINUES BELOW
That was quick!
— Deribit (@DeribitExchange) December 26, 2020
We just added the $BTC 140K strike. 🔥🚀 https://t.co/rGILeDt6Tq
- A week ago last Thursday, Deribit made waves in the cryptocurrency industry by introducing call and put options at the $100,000 strike price expiring on Sept. 24, 2021.
- The purchase of a $100,000 call is a bet that bitcoin will rise above that level on or before Sept. 24, 2021, making the option “in-the-money.”
- When those options went live, BTC was in the midst of a stunning run into uncharted territory past $20,000, setting a then-record high of $23,770 on the day those $100,000 options went live.
- Since then, after a brief pause, BTC has resumed its rallying ways, hitting $25,000 for the first time late Christmas Day and at time of writing is trading at $25,716.52, up 6.11% in the last 24 hours.
- It's not clear when these new calls and puts expire.
UPDATE (Dec. 26, 16:37 UTC): Adds information on $140,000 option.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
