Deribit Exchange Rolls Out Early BTC and ETH Options for 2024 US Election

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As a seasoned crypto investor with a deep understanding of the market trends and the role of derivatives exchanges like Deribit, I am excited about their latest offering of early BTC and ETH options expiring on November 8, 2024. This strategic move comes at an opportune time as we approach the US presidential elections scheduled for November 5, enabling us to place informed bets and hedge our positions accordingly.

Deribit, a leading crypto derivatives exchange, is broadening its selection of Bitcoin (BTC) and Ethereum (ETH) options as part of a forward-thinking approach to capitalize on price fluctuations preceding the 2024 US presidential election. The expiration dates for these options are set in early November, providing investors with an opportunity to wager on the election’s potential influence on the crypto market. Commencing July 18, traders will be able to access these newly introduced trading instruments.

Deribit Exchange Rolls Out Early BTC and ETH Options

As a researcher studying Deribit, a leading crypto derivatives exchange, I’ve discovered that they are proactively responding to client needs by launching BTC and ETH options with an expiry date of November 8, 2024. This forward-thinking move allows clients to establish strategic positions in advance of the U.S. elections scheduled for November 5, 2024.

Deribit announced on X (previously Twitter), “To help our customers get ready for the US elections on November 5th, we’re offering new options starting at 8 AM UTC on July 18th. This includes speculating, hedging, and other related actions.”

Early Introduction of 8 November US ELECTION Expiry

As a researcher involved in our product development team, I can share that due to increased client requests, we are bringing forward the introduction of the options expiry on November 8, 2024.

The early introduction is aimed at enabling our clients to position themselves effectively…

— Deribit (@DeribitExchange) July 16, 2024

Based on CoinGecko’s data, DeriviBT holds approximately $2 billion in combined open interest for its perpetual and futures markets in the crypto derivatives sector during the past 24 hours. Since the beginning of 2020, this exchange has accounted for around 70% of the total $35.7 billion bitcoin options trading volume recorded in April 2024, amounting to a significant $21.4 billion.

Election-related items are a new category among many financial instruments created for clients over the years to cater to their various requirements.

Rise of Political Finance in Crypto

The US election choices are contributing to a larger movement of blockchain technology being used for global betting platforms, enabling people worldwide to engage in the American electoral process.

The rise of political finance, specifically the development of “PoliFi,” has given birth to novel financial instruments like memecoins and platforms such as Polymarket. On these venues, users place wagers on election outcomes.

Recent developments, such as a foiled assassination attempt and heightened anticipation for a Trump victory in the US presidential election, have fueled optimism among investors in the cryptocurrency market.

Trump’s Pro-Crypto Stance and Industry Support

During his presidency, Donald Trump took a skeptical view towards cryptocurrencies. But now, he has shifted his stance and is openly expressing support for digital currencies through his campaign activities. He is even scheduled to speak at the Bitcoin 2024 convention in Nashville on July 27th.

It’s possible that under the new Trump administration, the cryptocurrency industry may experience more favorable regulations and potentially see a change in leadership at the Securities and Exchange Commission (SEC). The SEC, currently led by Gary Gensler, has faced criticism from many in the crypto community due to its legal actions against several crypto companies.

Simultaneously, political donations associated with cryptocurrency have been noteworthy. Ripple Labs made a $1 million contribution to the Commonwealth Unity Fund, a PAC established by lawyer James Murphy who is pro-crypto. The fund aims to support politicians favorable towards crypto, like John Deaton for Massachusetts Senate, and opposes those adversely disposed to crypto, including Elizabeth Warren.

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2024-07-17 02:24