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24 November 2020

Market Wrap: Bitcoin Hits $18.4K; $260M in Ether Options Expire in December - CoinDesk

Market Wrap: Bitcoin Hits $18.4K; $260M in Ether Options Expire in December - CoinDesk


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The last time bitcoin was in this range occurred way back in December 2017.

The bitcoin derivatives market, which was nascent in the last major bull run, continues to see open interest rise.

Bitcoin options on major venues, for example, are at over $4 billion as of press time, the highest they have ever been and a sign some smart money is looking to hedge away any risks volatility may – or may not – bring. 

“Our theory is that this open interest pattern in ETH was strictly due to traders positioning themselves for an ETH 2.0 phase 0 launch, or yet another delay,” said Greg Magadini, chief executive officer of options data aggregator Genesis Volatility

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coindesk.com
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