There are options contracts that are worth over one million dollars, which were traded in the first two hours, due to the exchange of BitCoin.
FTX Releases BitCoin Options Trading for Traders
FTX is one of the biggest and most well-known crypto asset platforms, and they have officially launched a BitCoin option trading for its traders. This announcement was released by the Chief Executive Officer, Sam Bankman-Fried, on Twitter. The statement announced that the crypto asset platform will consist of BitCoin options trading, but it is unknown what will happen for plans in the future.
Another tweet where the CEO, Sam Bankman-Fried, allegedly stated that in the two hours of launching the BitCoin trading option, the trading volume of the contracts has reached over one million dollars. FTX was established last year, and yet it has managed to gain massive attraction. It attracted many traders and has been labelled as the eighth biggest futures trading platform with about an adjusted volume of approximately 370Mn USD in over twenty four hours.
The financial market is led by conglomerates, Huobi and OKEx, which are two companies who deal with billions in trades on a daily basis. This means that there is high traffic on FTX, especially after the BitCoin options contract being launched.
Is There a High Demand on Crypto Assets?
In December 2019, the cryptocurrency derivative platform attained an unknown amount from the leading cryptocurrency and assets exchange platform, Binance. According to a report by Finance Magnates, the terms of the agreement involved FTX interfering to build up the liquidity and provisions of institutional commodities all across the environment of Binance. This includes interfering with its global exchange and over-the-counter (OTC) trading desk.
FTX also managed to make headlines in 2019 when a lawsuit was filed with 150Mn USD worth, with the charges of manipulating the market and selling securities that are unregistered to the United States. These claims were also brought forward to Binance, which were immediately denied. Later in December, the accusations were dropped because there was inadequate evidence for the trial to move forward.
With all the unpredictability that has taken place in the spot market, cryptocurrency asset and investment options contracts have become the new trend and many exchanges are going big in the cryptocurrency market. Along with Huobi and OKEx, Binance and FTX have dominated the sector. This is more obvious after the launch of Binance’s futures platform, and the most recent FTX options trading contract of BitCoin.