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

Deribit Exchange launches BTC and ETH options for speculating on 2024 U.S. elections, going live on July 18 amid rising political finance trends in crypto.
Deribit Exchange Rolls Out Early BTC and ETH Options for 2024 US Election

Highlights

  • Deribit launches BTC and ETH options expiring on November 8, 2024, to capitalize on U.S. election market movements.
  • Trump’s pro-crypto stance and potential new SEC chair could favor the industry; he’s speaking at Bitcoin 2024 in July.
  • Ripple Labs backs pro-crypto candidates with $1M to the Commonwealth Unity Fund, challenging anti-crypto figures like Elizabeth Warren.

Crypto derivatives exchange Deribit is expanding its offering of BTC and ETH options as part of a strategy to benefit from price action ahead of the 2024 US presidential election. These options will expire in early November, enabling the investors to place their bets on how the election will impact the crypto market. The new trading products will be offered starting from July 18.

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Deribit Exchange Rolls Out Early BTC and ETH Options

In order to meet the demand of the clients, Deribit, a crypto derivatives exchange, is introducing options on BTC and ETH with expiry on 8th of November 2024. This early introduction helps the clients in setting their strategies for the U.S. elections scheduled to take place on November 5. 

Deribit shared on X (previously Twitter), “The early introduction is to allow our clients to prepare for the US elections on 5th November, speculating, hedging, and other actions.” The options will be available from 8 AM UTC on the 18th of July.

According to CoinGecko, in the crypto derivatives market, DeriviBT has over $2 billion in open interest in its perpetual and futures markets within the last 24 hours. Since 2020, the exchange has contributed 70% of the $35. 7 billion of the total $51. 1 billion bitcoin options trading volume in April 2024.

The election-related options are the recent addition to a list of numerous trading products that have been developed over the years to address the needs of the clients.

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Rise of Political Finance in Crypto

These election options are a part of a broader trend of blockchain-based betting solutions allowing people from all over the world to participate in the U. S. election season. 

The emergence of “PoliFi” or political finance has led to the emergence of memecoins and prediction markets such as Polymarket, where people can bet on election results.

Investors have been particularly bullish on crypto following recent events, including a failed assassination attempt that has boosted expectations of a Trump win in the upcoming US presidential election.

Trump’s Pro-Crypto Stance and Industry Support

Donald Trump’s recent positive outlook on cryptocurrencies is a stark contrast to his stance during his tenure as President. This is due to the fact that he has begun supporting the digital currencies through his campaign mechanisms and plans on speaking at the Bitcoin 2024 convention in Nashville on the 27th of July.

There is still the hope that with new Trump administration, the regulation of the crypto space will be more favorable and there may be a new chairman of the SEC. The current SEC that is headed by Gary Gensler, has not been in the good book of many especially due to the lawsuits that it has embarked on against several crypto firms.

At the same time, the political donations linked to crypto have also been significant. Ripple Labs contributed $1 million to the Commonwealth Unity Fund, a super PAC founded by pro-crypto lawyer James Murphy. The fund wants to endorse crypto-friendly politicians such as John Deaton for the Massachusetts Senate seat and oppose those who are against crypto, such as Elizabeth Warren.

Read Also: NEAR Protocol (NEAR) Rockets 10% On New Governance Proposal, Here’s All

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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