Crypto derivatives change Deribit has launched new Bitcoin and Ether options tailored for investors awaiting market moves following the upcoming US presidential election. These options, set to expire on November 8, 3 days after the election, will be available starting July 18.
Luuk Strijers, CEO of Deribit, highlighted these options’ significance, stating that the upcoming elections could serve as a pivotal moment for the crypto market, given the increasing significance of digital assets in political campaigns and voter preferences. As a result, our clients are eager to hedge, speculate, and position themselves for this event.
Crypto Community Sets Eyes On Upcoming Election
The crypto industry is closely eyeing the election outcome, which some experts believe could influence future cryptocurrency regulations in the US.
Donald Trump has garnered support from the crypto sector following a meeting with Bitcoin mining executives at his Mar-a-Lago estate in June. His party’s platform subsequently declared a pro-Bitcoin stance, pledging to oppose a Central Bank Digital Currency and end what they deem as unlawful crackdowns on cryptocurrencies.
Data from PredictIt shows that the odds of a Trump presidency surged to over 69% following a recent incident at a campaign rally. During this period, Bitcoin also saw a notable 12% rally, reaching approximately $64,300.
Deribit’s new options offer buyers extra tools to express their marketplace views on potential regulatory shifts and political effects because the US election draws close to them.
However, like any cryptocurrency derivatives, those products bring massive risks and can contribute to heightened market volatility surrounding political events.
Trump In Favour of Crypto?
Recent political developments have intensified interest in election-related crypto products, with the community closely monitoring shifts in political attitudes towards digital assets.
Former President Donald Trump’s evolving stance on cryptocurrencies, culminating in his upcoming appearance at the Bitcoin 2024 convention in Nashville on July 27, has sparked discussions within the industry.
As traders prepare to navigate the uncertainties of the US election, Deribit’s latest offerings reflect the growing intersection of digital assets and global politics, shaping market strategies and investor sentiment in the months ahead.