Bitcoin just got a massive boost.
For the first time, a major bank in the U.S. carried out an OTC crypto options trade.
With the help of Galaxy Digital, Goldman Sachs was able to execute an OTC Bitcoin non-deliverable option, or an option that’s settled with cash at the maturity of the contract.
That’s a game-changer for Bitcoin.
The move now legitimizes digital currencies as stable enough for major firms to be a part of, it signals that crypto-assets have matured. Plus, according to Damien Vanderwilt, Co-President, and Head of Global Markets at Galaxy Digital, a quoted by Fox, said the transaction is expected “to open the door for other banks considering OTC as a conduit for trading digital assets.”
It could also open the floodgates to options tied to digital assets.
Not only is that great news for Bitcoin, but also for oversold cryptocurrency miners.
Look at Marathon Digital Holdings (MARA), for example.
Up more than $3 a share today, if MARA can break above triple top resistance around $30.65, it could challenge $35 next. Of course, that depends on Bitcoin.
Even better, MARA earnings have been explosive.
- Q4 2021 revenue increased 2,180% year-over-year to $60.3 million
- Fiscal year 2021 revenue increased 3,353% year-over-year to $150.5 million
- It produced 1,098 self-mined bitcoins during Q4 2021, an 599% increase from Q4 2020
- It produced 3,197 self-mined bitcoins in fiscal year 2021, an 846% increase
At this point, MARA is too cheap to ignore – especially with that earnings growth.
