Trading of Bitcoin derivatives is on the rise; one site allows traders to bet on a BTC moonshot of $100000 by Sept 2021.
As of Thursday, via options contracts that expire on Sept. 24, 2021, Deribit users can bet on the flagship cryptocurrency touching $100000. Following a surge in daily trade volumes, the lofty strike price was set.
In the exchange of options, a strike price is the amount that can be purchased or sold when a futures contract is exercised.
According to promotional material that appeared on Twitter Thursday, Deribit processed 754,123 BTC options contracts in November.
The exchange is currently listed on CoinMarketCap, or CMC, as the tenth-largest crypto derivatives exchange. Due to technical problems in how the data is collected and published, volumes reported by CMC do not represent real market turnover.
Crypto data analytics provider Skew revealed Thursday that Deribit is the largest Bitcoin trading derivatives market. The company also said that for the first time, regular options trading in BTC exceeded $1 billion.
The coveted six-figure moonshot of Bitcoin is considered by its most enthusiastic backers to be a foregone conclusion. As of late, what some have found shocking is that many of the most bullish predictions come from outside the culture of the BTC.
Next year, Citibank has apparently expected a BTC price of $318,000, while Guggenheim has called for a $400,000 valuation. JPMorgan, meanwhile, predicts Bitcoin could soon obtain a catalyst of $600 billion, which would catapult prices dramatically higher.
Deribit’s cryptocurrency derivatives platform enables traders to bet on a Bitcoin (BTC) price of $100,000 and not less over a certain span.
As the digital currency vies for new all-time highs, Bitcoin’s roller coaster year looks to end on a positive note. Before pulling back modestly, the price came within striking distance of $24,000 on Thursday. Bitcoin currently trades below $22,700, having at the time of release gained 220 percent year-to-date.
