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.
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.
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.
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.
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