In the wake of Binance’s guilty plea to US anti-money laundering laws and subsequent settlement of $4.3 billion, traders in the crypto market have been taking bullish positions in the form of call options. This increase in activity in bitcoin call options indicates a persistent belief of further price rises in the months ahead. Operators in the options market have purchased about 500 contracts with a strike price of $45,000, expiring in March 2024, suggesting a strong optimism of further BTC gains. This can be seen through the continuously positive call-put skews, and is not expected to be significantly altered due to Binance's plea. As the market is awaiting the approval of a US-based exchange-traded fund investing in cryptocurrency, which is expected to bring large amounts of investor money to the crypto market, this transgression on Binance’s part does not seem to bring an end to the upward trend of the crypto king’s price. Bitcoin's current price is at $36,500, down 2% as of the moment.



Other News from Today