Crypto Traders Remain Optimistic Even Though Binance Is Acquired By The US Department Of Justice

Traders are still optimistic about Cryptocurrencies. (Photo; Doc. Unsplash)

JAKARTA Changpeng Zhao's resignation from the CEO of Binance does not make traders and the crypto community view the market negatively. What happened, on the contrary, they were optimistic about the crypto market.

Earlier, on Tuesday, November 21, reports circulated that the Binance exchange and its leader Changpeng Zhao had approved a criminal settlement that would make the exchange pay a fine of USD 4.3 billion. This condition forced CZ to resign from his position.

According to the institutional crypto trading network, Paradigm, the option market is currently experiencing an increase in Bitcoin topside call option activity. This activity is considered opposite to what is expected. However, this could be a sign of bullish sentiment for the crypto market.

For information only, the Bitcoin topside call option refers to a type of contract option that gives its holder the right (not the obligation) to buy Bitcoin at a certain price (expension price or strike price) if the price of Bitcoin when it is due (expired) is above the exercise price.

"We have seen interest in loading more topsides with strong demand for calls due in March 2024," said Patrick Chu, head of Paradigm institutional marketing.

In this context, "topside" shows that this call option is profitable if the price of Bitcoin is above a certain level or reaches its highest peak (top). This means, if the price of Bitcoin rises beyond certain specified limits, the call option holder will be able to purchase Bitcoin at a lower price according to the option execution price.

At the same time, market analyst CoinDesk actually found a large increase in BTC trading at the level of $45,000 that occurred on Wednesday, November 22. It is stated that there are 550 trade contracts for call option which will expire in March next year. The increase in trading options for Bitcoin shows the confidence of investors and crypto traders who are getting stronger.