Bitcoin Options Trading Gained A Jaw-Dropping $1 Million Volumes in Just 2 Hours After Launched By FTXJanuary 13, 2020
What keeps the crypto space interesting for trading this new decade? According to many investors, the introduction of new entrants in the crypto market. For instance, FTX currently making a market trend worldwide as it launches the Bitcoin option tradings.
The said launching of BTC options tradings was announced by FTX CEO Sam Bankman-Fried via Twitter on January 12.
A few hours after the announcement, BTC options trading hits $1 million trading volume. Not to mention, the additional features dedicated to the crypto space, FTX interestingly gained an incredible momentum among traders, as well as constantly climbed the ranks of top exchanges.
From the volume monitor of FTX, the exchange gained the 8th spot, which is just above CME, according to the trading volume. In addition, the exchange also gained so much support from Binance, one of the giants in the crypto space. In fact, it was reported that Binance invested tens of millions in FTX last December 2019.
What’s with Options Trading
In today’s crypto space, options trading is considered as the new hype where a number of exchanges push forward to make the feature possible.
Back in 2017, institutional cryptocurrency trading firm CME was one of the first to launch the BTC futures contracts. After that, different exchanges have followed that suit. Options trading is the important, latest trading feature of CME Bitcoin. Before the launch of CME BTC Options, which is scheduled today, January 13, 2020, JP Morgan Chase’s executives noted that it is highly anticipated in the entire crypto space because of the “unusual strong activity.”
Jaw-Dropping Trading Volume
According to CoinGecko, a crypto data site, FTX is the 8th top cryptocurrency exchanged when it comes to volume, where it successfully traded $277.8 million over the last 24 hours. While the announcement doesn’t lay down in which cryptocurrency asset is supported by the said options, the site only showed those that are Bitcoin-based options.
Early last year, FTX was founded and known to offer topnotch derivative trading products, such as perpetual and quarterly contacts on different leverage token, cryptocurrency assets, and over-the-counter services. Recently, this trading platform has seen investment from Binance.
The Impact of Crypto Derivatives to the Crypto Space
Due to increasing frequency, crypto derivatives could bring positive developments. In fact, OKEx, which is a Malta-based crypto exchanged, has announced the launch of its crypto options trading at the end of December. Not only that, but Paris-based asset managed company Napoleon AM also announced the launch of the regulated BTC fund in mid-December.
Meanwhile, the regulatory framework in the international scene continues to become clear and favorable. The South Korean Presidential Committee under the Fourth Industrial Revolution, has recently recommenced the government to permit any financial institution in launching crypto-based financial products.
This action only shows that more and more individuals or groups trust the capabilities of options trading in the crypto space.