Crypto derivative exchange Deribit's latest offering could become a big hit with day traders
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The Netherland-based Deribit exchange will begin offering daily Bitcoin index options to clients starting Feb. 3.
The options will be listed every day at 8 a.m. universal coordinated time and will expire after two days. The strike price intervals will be $125 and will offer a range of around 5 percent around the ATM (at-the-money) level.
The daily options contract adds to Deribit's existing roster of futures and monthly options contracts on bitcoin. The trading platform went live in June 2016 - more than a year before the Chicago-based commodities exchange CME listed bitcoin futures. Since then, competition has heated up, with both the CME and the Intercontinental Exchange's Bakkt division recently introducing options trading on the cryptocurrency.
Deribit still has a wide lead in options trading. Its contracts accounted for nearly 90 percent – approximately $50 million worth – of the total options volume traded on Tuesday, based on date from the analytics firm Skew. In comparison, regulated platform Bakkt made no trades and CME option contracts made up approximately 2 percent of the trading volume.
The latest offering could help Deribit retain market share. The short dated expiries would mainly draw volumes from investors and traders with a short term
view based on for example macroeconomic data or events. |
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Off Three-Month Highs
BTC: Price: $9,300 | Market cap: $169 billion | 24-Hr Volume: $33 billion
Trend: Bullish Bitcoin defended the former resistance-turned-support at $9,188 on Thursday with a bullish engulfing candle, solidifying the preceding day’s breakout above that level and signaling a continuation of the rally from $8,213 (Jan. 24 low).
So far on Friday, though, the follow-through has been dismal. The cryptocurrency has backed off from three-month highs near $9,570 reached Thursday.
For now, the pullback looks to have stalled near $9,250. The former resistance-turned-support at $9,188 is still intact and the cryptocurrency could have another go at $9,600. A move through that level would expose $10,000.
If prices find acceptance under $9,188, the immediate bull case would be invalidated and sellers may push the cryptocurrency down its 200-day average at $8,883.
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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