Ripple’s XRP went through a major crash during the past 24 hours following the broader market downturn, which resulted in over $1 billion worth of leveraged positions being liquidated.
While there might be multiple reasons behind the crash, there might also be some silver lining for XRP traders as a new exchange has added an exciting product.
- In a recent press release, BIT Exchange unveiled a brand new product for its users.
- First things first, it’s worth noting that BIT is a professional cryptocurrency exchange that’s specialized in options trading.
- The product is significantly different compared to traditional perpetual futures that most exchanges support, which has largely become the most popular derivatives trading instrument.
- Citing soaring interest in the XRP market, BIT Exchange unveiled options trading of XRP.
- With this, there are now six cryptocurrencies available for options trading on BIT – BTC, ETH, ADA, TON, and LADYS.
- The release also mentioned that part of the reasons behind the soaring interest in the XRP market has been the recent court ruling in the case against the US Securities and Exchange Commission.
- Commenting on the matter was the Global Head of Institutional Sales of BIT, Justin Buitendam, who said:
“We are proud to become one of the first exchanges making XRP options trading accessible to both institutional and retail traders, enabling long and short for options traders at the same time. We look forward to bringing this product to more traders and investors alike across the globe”.
- The initial liquidity is being provided by an institutional liquidity provider called OrBit Markets.