Bitfinex Plans to Launch Options Trading

Cryptocurrency exchange Bitfinex is thinking of launching options and a gold-backed stablecoin, among a host of new products. In a scoop on November 12, Bitfinex and Tether CTO Paolo Ardoino shared Bitfinex is planning to launch options trading. Also, it is taking a closer look at prospects for a gold-backed stablecoin, named as Tether Gold.

In addition to that, Ardoino did not disclose any further details regarding the Tether Gold. But he revealed that the firm is now checking out a Q1 2020 launch of options trading. Moreover, they are currently working with external market makers to guarantee liquidity.

Furthermore, Ardoino told that Bitfinex would allow its clients to purchase different items with cryptocurrency using a gift card. According to a report, Bitfinex is considering a collaboration with a well-known partner who can provide the gift cards.

Ardoino stated, “It’s important that people can see the farther value of having cryptocurrencies rather than just trading back and forth between Bitcoin and USD or whatever.”

As of now, Joe Morgan has not given any response about these latest developments.

Bitcoin Around $8,800

Meanwhile, On November 12, Bitcoin (BTC) has been trading sideways for the better part of the day. It continues to hover around the $8,800 price mark. The largest cryptocurrency took off a local low of $8,705 before moving to its recent price at about $8,750. Additionally, this displayed a slight gain of 0.27% on the day.

Aside from that, cryptocurrency markets are widely trading sideways, with many changes among the top-20 coins not exceeding 1%.

Moreover, Bitcoin further struggled to keep its current trading levels. However, some traders, like Michaël van de Poppe, are beginning to wonder if BTC would drop more to about $8,400.

Bobby Lee, a well-known crypto industry figure, stated that he does not fear the recent price struggles of Bitcoin. Eventually, it will surpass the market cap of gold and could ultimately be worth whopping $1 million.

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