Deribit, the world's largest crypto derivatives exchange, is expanding its offering of Bitcoin (BTC) and Ethereum (ETH) options as part of its strategy to capitalize on price movements ahead of the US presidential elections in November 2024.
According to Coindesk, these options will expire in early November and will allow investors to place their bets on how the US elections will affect the cryptocurrency market.
New BTC and ETH options will be available to investors starting July 18.
Sharing from account X, Deribit made the following statement:
“New products are offered for investors who want to bet on the outcome of the November 8 US elections.
Based on customer demand, the options expiration date is November 8, 2024.
Early promotion aims to ensure our clients position themselves effectively for the upcoming November 5 US elections, speculation, hedging and more.
We hope this will provide valuable opportunities for our clients to manage their portfolios and take advantage of market movements leading up to this important event.
The new BTC and ETH Select options will be available for trading as of Thursday, July 18 at 08:00 UTC.”
Market analysts stated that the Bitcoin and Ethereum options offered by Deribit for the US elections received positive feedback from investors.
“The US elections are a focal point for risky assets, including cryptocurrencies, and will have a dual impact on fiscal policy and financial stability,” Jeff Anderson, a senior trader at STS Digital, told CoinDesk. “Options are an important tool to avoid this uncertainty.” Therefore, it is natural for Deribit to list new options for BTC and ETH.” said
The upcoming US presidential election could be one of the most important things for cryptocurrencies, as Republican candidate Donald Trump has recently adopted a pro-cryptocurrency stance, while his rival Joe Biden has taken a different stance.
Although Trump has not yet proposed detailed regulations for cryptocurrencies, his recent support for Bitcoin and BTC miners has earned Trump the support of the cryptocurrency industry.
Therefore, BTC and ETH may see increased price volatility before and after the US elections.
*This is not investment advice.