The cryptocurrency market has experienced significant volatility, with over $1.3 billion in positions liquidated in the past 24 hours, impacting more than 362,000 traders. This turmoil has been exacerbated by Bitcoin's recent decline below $90,000 and fluctuations in the price of Raydium's $RAY token, which fell nearly 30% amid rumors of a new Automated Market Maker (AMM) from the memecoin launch platform PumpFun. In response to the market conditions, options trading has emerged as a strategic tool for investors looking to hedge risks or capitalize on price swings. Platforms like PowerTrade are promoting options trading as a means to navigate these turbulent times, offering various options strategies including protective puts and straddles. The overall sentiment in the market suggests that traders are adapting to the volatility by utilizing these financial instruments to manage their portfolios effectively.