December 23, 2023 12:14 AM | 2 min read
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
Bitcoin’s (CRYPTO: BTC) market capitalization has surged by 160% in 2023, an increase of $530 billion, after suffering a $1.5 trillion depreciation the previous year.
What Happened: The remarkable rise was spurred by investor optimism that U.S. regulators might soon approve the first Bitcoin-focused exchange-traded fund or ETF.
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The decision, expected by Jan.10, could cause a “demand shock” in the market, according to Michael Saylor, co-founder of MicroStrategy Inc. (NASDAQ:MSTR), reported Bloomberg.
According to Saylor, “the approval of the spot ETFs is going to be a major catalyst, it’s going to definitely drive a demand shock” as crypto investors currently lack a “high bandwidth, compliant” investment channel for the token.
See Also: Low-Cost, High-Smile: 5 Crypto Gifts To Give Your Friends, Family This Christmas
Despite facing challenges such as a $4.3 billion fine for Binance and CEO Changpeng Zhao’s subsequent resignation, as well as fraud charges against FTX’s Sam Bankman-Fried, Bitcoin’s 2023 performance outperformed global stocks and gold.
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Other crypto markets, including Coinbase Global Inc. (NASDAQ:COIN), also saw gains, with a nearly 400% rise despite an ongoing SEC lawsuit.
Why It Matters: The Bitcoin rally has been accompanied by a decrease in reports declaring Bitcoin’s demise, reaching a decade-low in 2023.
Bitcoin derivatives also saw increased activity, with Bitcoin futures open interest reaching new highs at CME Group, giving Binance a run for its money in this market.
However, the effects of past setbacks are still visible, with the total daily value of Bitcoin trades on exchanges falling by 55% since April of the previous year, the report noted.
Price Action: At the time of writing, BTC was trading at $43,463.20, down 1.25% in the last 24 hours, according to Benzinga Pro.
Read Next: Want A Second Passport? El Salvador Is Now Offering Citizenship For Bitcoin Donations
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo by 24K-Production on Shutterstock
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
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