A big problem that made CZ step down as CEO of Binance hasn’t stopped traders from being interested in Bitcoin.
Crypto traders don’t seem to be worried about the big events that happened in the last day. On Tuesday, November 21, people heard that Binance exchange and its boss Changpeng “CZ” Zhao had agreed to a deal. They will pay $4. 3 billion in fines to settle criminal charges. But even though CZ left his job as CEO of Binance, traders are still interested in Bitcoin.
The Binance case may be the most important one in the crypto market since the FTX exchange collapsed last November. However, instead of causing panic among traders as expected, the opposite may happen.
Positive feelings about Bitcoin increased after the news about the Binance case.
The trading network Paradigm says that traders are showing a strong interest in buying Bitcoin call options. Against what was expected, this is a good sign that people are feeling positive about the situation. Patrick Chu, who is in charge of selling to big companies at Paradigm, said that.
“We have noticed that people want to buy more options that expire in March 2024. ”
Chu said something, and the market analyst Chang at CoinDesk saw many people trading lots of $45,000 BTC on Wednesday. At least 550 agreements were made to buy stocks at a certain price by March 2024.
These buyers strongly believe that Bitcoin will keep going up in the next few months. According to what they believe, they were happy to pay $1. 5 million for the bets they thought would do well.
A call option is a agreement between a buyer and a seller to buy something at a set price by a certain date. The person buying a call wants prices to go up, while the person buying a put expects prices to go down.
Normally, both short-term and long-term buying options are still being traded compared to selling options. When there are more people buying stocks than selling, the market is going up. In this situation, people in the market don’t expect Binance to have any major problems.
A well-established market for cryptocurrencies.
It’s important to note that the industry is now mature. Some people who are into cryptocurrency think that the Terra crash and the FTX collapse of 2022 have shown which crypto is good and which is not. Only people who are really serious about investing are still in the market.
Usually, people also think that US regulators have made the industry safer, which might lead to the approval of US-based spot Bitcoin exchange-traded funds (ETFs) in the future.
In any case, many people believe that the crypto market will start getting a lot of money from investors soon. At the time of writing, the price of Bitcoin was about $36,520, which is 1. 69% lower than it was 24 hours ago.