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Cryptocurrency Derivatives Series: BitMex Likely to Introduce ‘Crypto Options Platform’
Bitmex has originally introduced Perpetual Swaps in the recent past, which is a derivative product that was instrumental for trading like Future contracts but without any expiry or settlement. The facility supports BTC, EOS, BCH, BSV, ETH, and XRP contracts.
Furthermore, they came up with BitMEX’s Insurance Fund comprised of 21,350 BTC (worth $75.9 million). From the recent past, this prodigious fund has been accumulating amid the serious slumps of Bitcoin price from $8.5k to $3.5k.
For now, Arthur Hayes, CEO of the largest cryptocurrency exchange seems to be intending to unveil crypto options platform. The CEO of BitMEX crypto exchange hints that their clients can stay invested in S&P 500 portfolio and Nasdaq using Bitcoins (BTC).
Hayes divulges in an interview that he is looking forward to thinking beyond Peer-to-peer crypto trading platform. BitMEX is reportedly looking ahead for unveiling the cryptocurrency option platform, within a span of 12 to 18 months as a timeline to go live the market.
Hayes says that “we hope to possibly have our own options platform in maybe 12 to 18 months”
Cryptocurrency Option Platform is as good as futures trading mechanism that enables us to hedge on the future prices of the underlying cryptocurrencies. CME (Chicago Mercantile Exchange) reportedly, happens to be the most renowned cash-settled cryptocurrency option platform so far. On the contrary to the properties of futures trading, options traders won’t be obligated to trade the asset but have the right to trade and it carries a negligible some of the fee if the trader wishes backing out from the trade deal.
He further maintained the confidentiality about the intricacies of the plan of a Bitcoin-backed short-term bond that assists clients to invest in S&P 500and Nasdaq QQQ indices keeping Bitcoin-USD risk on the check.
Very recently, less than 200 positions were auto-deleveraged due to the sharp price movements of the underlying mark price on XBTU19 and ETHM19.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 157 (which is bullish), while hourly USD spot index was at 24 (mildly bullish) while articulating at 10:58 GMT.
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