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USDC

Polygon

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/deribit-launches-option-trading-for-xrp-and-polygon/" data-wpel-link="internal">Deribit Launches Option Trading for XRP and Polygon</a> 
The world’s largest cryptocurrency derivatives exchange Deribit has launched option trading for XRP (XRP) and <a href="https://en.coin-turk.com/bitcoin-and-matic-coin-price-movements-and-predictions/" data-wpel-link="internal">Polygon</a> (<a href="https://en.coin-turk.com/crypto-market-buzz-polygon-matic-price-surges-despite-challenges/" data-wpel-link="internal">MATIC</a>) following its recent introduction of options for Solana (<a href="https://en.coin-turk.com/significant-growth-in-solanas-smart-contract-platform/" data-wpel-link="internal">SOL</a>). The launch of options for Solana by Deribit yesterday led to a surge in SOL’s price to $155, its highest level in two years. 
<h2 style="text-align: justify" id="strong-xrp-and-matic-options-with-usdc-detail-strong">XRP and MATIC Options with USDC Detail</h2> 
Deribit initiated linear option trading for XRP and Polygon‘s MATIC on March 12 at 13:00 TRT. The new option markets have opted for USD Coin (USDC) as the settlement currency. Deribit aims to provide investors with more flexibility and a reduced need for hedging by diverging from the existing <a href="https://coin-turk.com/piyasaya-genel-bakis-bitcoin-ve-altcoinlerde-son-durum" data-wpel-link="internal">BTC</a> and ETH inverse options where the base currency is used as collateral. 
According to Deribit’s chief commercial officer Luuk Strijers, using USDC as the settlement currency offers various advantages including simplified profit and loss calculations, reduced need for collateral rebalancing across multiple <a href="https://coin-turk.com/milyar-dolarlar-oynadi-bu-altcoin-balinalari-birikime-devam-ediyor" data-wpel-link="internal">altcoins</a>, and an easier approach for traders who want to maintain a stable US dollar position. 
<h2 style="text-align: justify" id="strong-traders-buy-into-altcoin-rally-strong">Traders Buy into Altcoin Rally</h2> 
On the other hand, Deribit revealed that the initial trades in Solana’s option trading showed purchases of $180 options, indicating traders’ expectations of a 20% price increase in SOL before March 29. The price of SOL has already reached $155, hitting a significant milestone shortly after the launch day, and the ongoing strong rally expectation has led to a substantial increase in open interest (OI) in Solana futures across multiple exchanges. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-326283" src="https://coin-turk.com/wp-content/uploads/2024/03/Acik-Faiz-Solana-SOL-XRP-Polygon-MATIC.png" alt="" width="1880" height="621"> 
Similarly, initial option trades for XRP showed purchases of options at $0.74 and $0.9, along with sales at $0.69 options, suggesting traders expect the altcoin’s price to rise to $0.9 by the end of the month. Moreover, the significant increase in OI in XRP futures markets across various exchanges over the last 24 hours also indicates growing interest in the altcoin. 
In the option trading for Polygon’s MATIC, traders are seen buying options at $1.2, $1.4, and $1.6, but the presence of equally strong open positions suggests a more balanced outlook for the altcoin. Despite a slight decline in MATIC’s price and OI in the futures market, it maintains its strength. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/deribit-launches-option-trading-for-xrp-and-polygon/" data-wpel-link="internal">Deribit Launches Option Trading for XRP and Polygon</a></h5>

Deribit Launches Option Trading for XRP and Polygon

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