Deribit Adding Options to Allow Bitcoin Traders to Bet on Rally to $120K and Beyond
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 coming soon.
- 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 $25,472.56, up 5.75% in the last 24 hours.
- It’s not clear when these new calls and puts expire.