This simple Bitcoin options strategy allows traders to go long with limited downside risk
Bullish on Bitcoin but afraid of futures liquidations? Here is how pro traders use options to cast safer bets. Bitcoin (BTC) bulls were hopeful that the Nov. 21 dip to $15,500 would mark the cycle bottom, but BTC has not been able to produce a daily close above $17,600 for the past eighteen days. Traders are clearly uncomfortable with the current price action and the confirmation of BlockFi's demise on Nov. 28 was not helpful for any potential Bitcoin price recovery. The cryptocurrency lending platform filed for Chapter 11 bankruptcy in the United States a couple of weeks after the firm halted withdrawals. In a statement sent to Cointelegraph, Ripple's APAC policy lead Rahul Advani said he expects the FTX exchange bankruptcy to lead to greater scrutiny on crypto regulations." Following the event, several global regulators pledged to focus on developing greater crypto regulation. Unfortunately, there is no way to know when investors' sentiment will improve and trigge...