First Mover Americas: BTC Revisits $67K on Leverage Flush, APE Options Fly

Stripe’s acquisition of crypto startup Bridge “validates” the use of stablecoins for public blockchains, broker Bernstein said in a new research report. Stripe – finalized the purchase of Bridge in a $1.1 billion deal, demonstrating “stablecoins [are] the leading use case for blockchains, particularly for cross-border payments,” Bernstein analysts wrote. Bernstein noted that the Bridge deal is the largest crypto acquisition by a major payments company to date. Companies such as Bridge “play an important role by building API software for businesses to integrate stablecoin payments within their regular payments experience,” the authors wrote. It’s hard to see a more disruptive challenge to the TradFi banking system, “payments at scale without the involvement of a bank,” the report added.

The APE ecosystem and native token’s launch has been met with a bullish response from options traders on crypto derivatives platform PowerTrade. Open interest surged by over 800% to 263,000 ($394.5K) in one day, PowerTrade told CoinDesk, adding that call options or derivatives account for over 80% of the tally. Most activity is concentrated on the Oct. 22 and Oct. 25 expiry contracts, with traders buying higher strike calls at strikes as high as $2.2 or nearly 50% higher than APE’s going market price. The activity in APE options is noteworthy, considering the token has a market capitalization of just $1 billion. That said, open interest and volume are way lower than the billions of dollars locked in BTC and ETH options contracts listed on Deribit.

Edited by Omkar Godbole.

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