Crypto Market Halted After HBO Satoshi Reveals Fall

A large bitcoin options trade anticipates a shift from the current regime of low volatility to a period of sharp price fluctuationswhich can exceed the $53,000-$87,000 range. The transaction saw the entity pay a net premium of more than $1 million to acquire 100 contracts of $66,000 worth of strike calls and put options expiring Nov. 29, according to data confirmed by Lin Chen, head of development of Asia business at Deribit. A long straddle is preferred when the market is expected to move far enough in either direction to make the call or put option worth more than the cumulative premium paid. For the strategy to become profitable and overcompensate for the premium paid, the price of bitcoin needs to move either above $87,000 or below $53,000 by the end of November, Chen told CoinDesk.