➡️ REPLAY – Teeka Tiwari’s ‘Set For Life’ Summit: Register here: http://teeka.cryptonewsalerts.net
This past weekend, data shows the most active Bitcoin options contracts were calls for $28k, $32k, and $36k by the year’s end.
This means a number of options traders are betting the BTC price will exceed the all-time high (ATH) the decentralized currency touched in December 2017.
On September 14, researchers from the data analytics firm Skew.com tweeted about an unusual number of call options for December 2020 that are well above the 2017 ATH.
“[December 2020] $28k, $32k, [and] $36k calls among the most active bitcoin options contracts yesterday,” Skew tweeted.
All of these calls are well above the mid-December 2017 ATH, which saw BTC touch $19,600 per coin.
The new open positions took place on the crypto-financial derivatives platform Deribit.
The action took place after $570 million (notional) of BTC options contracts expired on Deribit on August 28.
There were 752 open positions for $36k, 462 contracts for $32k, and 230 for $28k.
Additionally, some $9k and $9,750 calls were set for the end of September.
Responding to Skew’s December calls tweet, one individual wrote:
“Without opining the possibilities to this, it will be entertaining to revisit at the end of the [fourth] quarter.”
Essentially, bitcoin options are crypto-derivatives products that provide a person or group with the right, but not obligation to buy and sell the BTC at a predetermined strike price, while also leveraging an expiry date.
“If you think from a technical perspective what we are getting right now is Bitcoin flipping a former resistance level at $10,000 to become a support. From May to the end of July, Bitcoin was desperately stuck below $10k. But for [seven] days now $10,000 is holding strong.”
In other trending Bitcoin News today:
Global Fiat Failure Will Push Countries to Accumulate Bitcoin, Says Max Keiser
Max Keiser, Wall Street vet and host of RT’s Keiser Report, says he believes countries will seek refuge in Bitcoin as fiat currencies fail on a global scale.
“You’ll see countries start to accumulate Bitcoin and start to mine for Bitcoin as well, and then they’ll start to subsidize the money they would be subsidizing the energy industry in and subsidizing that in the Bitcoin mining space.
So then the game theory kicks in. So, for example, Iran right now has something like 2% of the global hash rate of Bitcoin… Let’s say suddenly they’ve got 5% of the hash rate… So then America says ‘Wait a minute this is like the Sputnik moment.
Iran could potentially be the richest country in the world if they have a significant piece of Bitcoin,’ and the price goes to $400,000 to compete with gold…so then they (America) start to subsidize their mining.”
Keiser says the race to acquire more BTC between competing countries will drive the price and security of Bitcoin to heights never before seen.
“So what this does is it increases the hash rate so the hash rate now is over a hundred quintillion calculations per second in the Bitcoin mining space… Which means the security goes up, which means it’s even harder money.
Bitcoin is not only hard money but it keeps getting harder every week and every month because the hash rate gets higher and higher and higher. So with that higher security, higher hash rate, the price goes up. It becomes a self-fulfilling prophecy. So now you’re chasing the Bitcoin up through to a $100,000, $200,000 a coin to get the hard money because all your fiat money is collapsing.”
🔥 Subscribe on Stitcher: http://stitcher.cryptonewsalerts.net
🔥 Subscribe on TuneIn: http://tunein.cryptonewsalerts.net
🔥 Follow on Twitter: https://twitter.com/CryptoNewsYes
🔥 Join our Private Crypto FB group: ► http://fb.cryptonewsalerts.net
🔥 Join our Private Crypto Telegram group: ► http://telegram.cryptonewsalerts.net
🔥 Binance – Buy, Sell or Trade Over 400 Altcoins: ► http://binance.cryptonewsalerts.net
🔥 [IMPORTANT] – Secure your crypto with a Trezor or Ledger hardware wallet:
Trezor: ► http://trezor.cryptonewsalerts.net
Ledger: ► http://ledger.cryptonewsalerts.net
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.