Bitcoin derivatives trading is on the rise; one platform is allowing traders to bet on an increase in BTC to USD 100,000 by September 2021.
Starting Thursday, Deribit users can bet that the flagship crypto-currency will reach USD 100,000 through option contracts that expire on September 24, 2021. The high strike price was set after an increase in daily trading volumes.
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In options trading, a strike price is the value that can be bought or sold on a derivative contract when it is exercised.
Deribit processed 754,123 BTC option contracts in November, according to marketing material that appeared on Twitter on Thursday.
The exchange is currently listed as the 10th largest derivatives exchange on CoinMarketCap, or CMC. Volumes reported by CMC may not reflect actual market turnover due to methodological issues with how data is collected and reported.
The provider of cryptomoney data analysis, Skew, reported Thursday that Deribit is the largest derivatives market for Bitcoin trading. The firm also said that daily options trading at BTC exceeded $1 billion for the first time.
Deribit tells Bitcoin.com:
„We saw a total turnover of USD 3.5 billion today (24 continuous hours) […] We saw a total turnover of USD 1.4 billion today (24 continuous hours):
Bitcoin’s coveted six-figure increase is considered a foregone conclusion by its most ardent followers. What some have found shocking lately is that many of the most optimistic forecasts come from outside the BTC community.
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Citibank has apparently predicted a BTC price of $318,000 next year, while Guggenheim has forecast a valuation of $400,000. Meanwhile, JPMorgan says Bitcoin could soon receive a $600 billion catalyst, which would catapult the price to much higher levels.
The crypto-currency derivatives platform, Deribit, allows traders to bet on a Bitcoin price (BTC) of USD 100,000, and within a given period, no less.
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Bitcoin’s year of ups and downs seems to end on a positive note as digital currency attempts to reach new all-time highs. The price was a surprising $24,000 on Thursday before falling back modestly. Bitcoin is currently trading at $23,000, having gained 220% so far this year by the time this article is published.