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Binance Futures Launches BTC-Margined Perpetual Futures Contracts

Cryptocurrency exchange giant Binance is today launching Perpetual Futures contracts margined with Bitcoin with a leverage of up to 125x. According to a press release that was shared with Finance Magnates, the contracts are to be listed on Binance Futures, Binance’s cryptocurrency derivatives exchange arm. The newest offering joins a number of other derivatives products … Continued

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Cryptocurrency exchange giant Binance is today launching Perpetual Futures contracts margined with Bitcoin with a leverage of up to 125x. According to a press release that was shared with Finance Magnates, the contracts are to be listed on Binance Futures, Binance’s cryptocurrency derivatives exchange arm.

The newest offering joins a number of other derivatives products that Binance currently offers, including its USDT-margined perpetual futures. According to Binance, its “perpetual futures consistently owns the largest trading volume, with recent monthly market share averaging 37%.”

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The new BTC-managed perpetual futures product marks the second futures line to be margined and priced in a cryptocurrency. This follows Binance’s recent announcement of a new method of categorization that highlights whether a contract is margined with a cryptocurrency like BTC, or a stablecoin such as USDT.

Users may have the potential to improve their margin efficiencies.

Changpeng Zhao commented upon the categorization announcement that “unlike with traditional markets, ‘inverse’ cryptocurrency contracts are intuitive because of the nature of digital assets. There are also traders who use coin-margined futures to hold cryptocurrencies for the longer term,” he added. “We should embrace these facts, as it helps strengthen our industry’s standing.”

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Binance CEO Changpeng Zhao
Binance CEO Changpeng Zhao (Source: PC Tech Mag)

For example:

  • Binance’s COIN-margined futures contracts
    • Quarterly Futures: quarterly expiration and settlement, with leverage of up to 125x
    • Perpetual Futures: perpetual swaps with no expiration, with leverage of up to 125x
  • Binance’s USDT-margined futures contracts
    •  Perpetual Futures: perpetual swaps with no expiration, with leverage of up to 125x

Binance claims that because Binance Futures allows users to offset their margin for COIN-margined quarterly and perpetual futures, users have the potential to improve their margin efficiencies.

Aaron Gong, VP of Binance Futures, said in a statement that “we are the only exchange that offers users flexible control of their margin balance by either spreading it across all their open positions or setting individual limits for each position they own (cross or isolate margin modes), as well as the ability to switch their margin modes at any time.”

Additionally, “our users can also choose to hold one direction (i.e. long or short) or both directions at the same time for hedging.”

Aaron Gong, VP of Binance Futures

Finance Magnates reported late last week that Trading volume on Binance Futures had increased by 25 per cent month-over-month, growing from $87.6 billion in June to $109.4 billion in July. Binance Futures also recorded a new all-time daily high with more than $13 billion in volume traded on July 28th.

Blockchain

Failure To Break Above $11K Could Send Bitcoin To Monthly Lows: BTC Weekend Price Analysis

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Even though the past week was positive for Bitcoin, the recent price action could raise some question marks for the bulls.

After starting the week below $10,500, Bitcoin was able to break above the old tough resistance and reach back to the $11,000 area.

However, while BTC gained 5% over the past week, most of the leading cryptocurrencies lost market cap. LINK  at -18% and even Ethereum at -2% are only two examples. The trending DeFi tokens suffered even harder.

This tells us that some or at least part of BTC’s price gains were coming from the altcoins sell-off, and not from funds entering crypto – just like in a healthy bull market.

Double-Top On the 4-Hour?

Looking at the following 4-hour chart, we can see a double top formation around $11,100, which is textbook bearish.

Moreover, there is also a bearish divergence on the RSI. This happens when the asset’s price is increasing, while the RSI is decreasing.

Another issue to consider is the decreasing amount of volume over the past week, which shows that the buyers are losing their power.

Despite the above, and just as in crypto, the momentum might change very quickly. Keep in mind that Bitcoin is also waiting for the equity and gold markets on Monday as both had a significant effect on the price recently.

The level to watch is, of course, the recent high from yesterday around $11,100. In case Bitcoin breaks above it (further above lies the 50-days MA at around $11,250), the momentum could change quickly.

However, as long as Bitcoin continues having trouble at that area, the price can easily drop.

From below, the first level of support lies around $10,800; followed by $10,500 and $10,400 – where lies the 100-days moving average line (the white line).

Total Market Cap: $357 billion

Bitcoin Market Cap: $202 billion

BTC Dominance Index: 56.8%

*Data by CoinGecko

BTC/USD BitStamp 1-Day Chart

btc_sep20_d-min

BTC/USD BitStamp 4-Hour Chart

btc_sep20_4h-min

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/failure-to-break-above-11k-could-send-bitcoin-to-monthly-lows-btc-weekend-price-analysis/

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Blockchain

Sunday Price Watch: Bitcoin Amid $11K, Uniswap’s Token Airdrop Value Reached $3500

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Bitcoin jumped to a fresh 2-week high above $11,150 but got rejected once again and is down below $11,000.

Meanwhile, the value of the 400 UNI tokens airdropped to anyone who used Uniswap before September 1st reached almost $3,500.

Bitcoin Paints A New 2-Week High

As reported by CryptoPotato yesterday, Bitcoin displayed issues when trying to overcome the psychological $11,000 level. In the past 24 hours, the primary cryptocurrency initiated another attempt, which seemed significantly more robust. In just a few candles, BTC surged from $10,900 to about $11,179 (on Binance).

Bitcoin maintained its level above the coveted $11,000 level for a few hours. However, the bears decided to interfere and drove the price down below to where it currently sits – $10,950.

Consequently, $11,000 remains the most critical resistance in BTC’s path to new 2020 highs. If it spikes above it again, Bitcoin would have to fight off the next obstacles at $11,200, $11,350, and $11,500.

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BTC trades above the first support at $10,900, which intercepted the recent price dip. A breakdown below that level could send Bitcoin to the next support levels at $10,500, $10,330, $10,140, and $10,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Untypical Lack Of Volatility From Large-Cap Alts

In the past 24 hours, most larger-cap altcoins have been performing somewhat stable.

Ethereum, Ripple, Crypto.com Coin, and Litecoin are situated approximately at the same levels as yesterday. ETH trades at $380, XRP – $0,25, CRO – $0.165, LTC – $48.

However, Bitcoin Cash has overtaken Polkadot for the 5th spot as DOT tanked by 5%. On the other hand, BCH, similarly to Binance Coin, is down by just 1%.

cryptomarket_heatmap

Despite the price stability among the top 20 coins, severe volatility is evident among lower-cap alts. Hyperion leads the way with a 94% surge. HYN’s massive surge comes only a few days after the company announced launching a built-in exchange function in its wallet Titan.

Elsewhere, it’s interesting to note that the value of the 400 UNI tokens airdropped to everyone who used the Uniswap platform before September 1st reached a value of $3,500. This happened as the price for the token surged to around $8.7 on Binance before retracing to where it currently sits at around $5.6.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/sunday-price-watch-bitcoin-amid-11k-uniswaps-token-airdrop-value-reached-3500/

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CREAM Finance Soars 130%: Burns 67% of Its Total Supply Today

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The decentralized crypto exchange protocol C.R.E.A.M. Finance announced its decision to conduct a significant token burn today, September 20th, after a strong internal discussion.

The official account of the protocol explained that following consideration of several possible reductions in supply, the alternative of burning 67% of all the $CREAM tokens was chosen as the best. This implies that more than 6 million $CREAM tokens will disappear forever once the burn is complete.

Goodbye, Governance Tokens

In an official blog post, the team at C.R.E.A.M. Finance explained that all governance tokens and 7.5% of the Seed Tokens would be destroyed.

This burn will include 100% of the “governance” tokens and 7.5% of the Seed tokens. We believe that this action will provide greater certainty to the current token holders while creating a stronger foundation for the long-term success of the project.

The tokens owned by liquidity providers and those destined to protocol development and Compound will not be affected by the measure.

cream_finance
Source: Medium C.R.E.A.M Finance

Thus, the liquidity providers will now control 61.5% of the total $CREAM supply while the team would have 23.1%. This force redistribution is possible thanks to the absolute removal of governance tokens, which accounted for 60% of the total supply until now.

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Thanks to our seed investors and their continued support and sacrifices for the project, they have agreed to a 75% burn in exchange for accelerated vesting of 1-year, monthly vesting. Specifically, seed tokens will now vest monthly starting September 24th.

The C.R.E.A.M team also had the opportunity to make the same decision as the seed investors. Still, they refused to go down that road, mostly for strategic reasons.

Less is More

A decline of this magnitude could have two implications: Either a substantial loss of market capitalization (in case of lack of fundamental value or confidence in the project) or the price of each token increases to match the current market cap with the new supply.

And in the case of C.R.E.A.M., the news seems to have yielded outstanding results, with the prices taking the optimistic route. The price of the token spiked almost immediately after the announcement before correcting today. It went from about $70 to $165, marking an increase of 134%.

cream_finance_chart
CREAM/USDT. Source: TradingView
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Source: https://cryptopotato.com/cream-finance-burns-67-of-its-total-supply-today/

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