Deribit Adds More Bitcoin Options, Traders Can Bet On Rallies

Deribit adds more Bitcoin options to its platform allowing its traders to bet on future rallies above $120,000 as we can see more in the upcoming latest crypto news today.

The traders at Deribit apparently think that betting on $100,000 BTC price is much needed since they believe the coin will get there very soon. The crypto derivatives exchange Deribit announced moments after BTC hit $25,000 that they will allow for more Bitcoin options like contracts on $120,000 BTC with $140,000 coming soon.

We've added the $BTC 120K strike. We expect to add 140K tomorrow. 👀

Our introduction policy is adding strikes up to delta 10.#optiontrading

— Deribit (@DeribitExchange) December 26, 2020

A week ago, Deribit made some waves in the crypto space by introducing more options at the $100,000 strike price expiring on September 24, 2021. The purchase of these $100,000 is a bet that BTC will rise above the level before this date and will make the option “in-the-money.” When these options went live, BTC Was in the middle of getting into an uncharted territory past $20,000 and set a new record of $23,770 on the day when the $100,000 options went live.

Since then, BTC Resumed its rallying ways and hit $25,000 for the first time ever. This is why Deribit adds more Bitcoin options but it is still not clear when these new calls and puts expire.

As reported earlier, The growing demand for BTC resulted in a supply crisis as institutional investors are buying up bigger quantities of the cryptocurrency in the past week while the business intelligence company MicroStrategy added to its BTC holdings with a $650 million purchase, bringing the total holdings to 70,000 BTC. Microstrategy purchased an additional 29,646 BTC for $650 million at an average price of $21,925 per coin. At the time of writing, the BTC Supply held on exchanges dropped by 20% since January as it moved into the long storage by the holders which mean that is less available to trade.

Bitcoin hits $25K for the first time ever and It surpassed the market cap of Visa at $460 billion as the price reached a new milestone. Visa, the financial services giant is valued at $460 billion according to Yahoo Finance and as of December 25^th, Bitcoin is hovering above $462 billion. BTC is a peer-to-peer software protocol while Visa is a profit corporation but some argue that there’s a direct comparison between these two despite being fundamentally different.