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Futures Weekly Wrap (Jan 31st-Feb 6th): Cryptos Make a Bullish U-Turn
2022-02-07 11:00

Chart of the Week

Metaverse Steals the Spotlight

  • Almost all market sectors within the blockchain industry have managed to partially recover from the losses incurred over the past few weeks.
  • Metaverse tokens, such as GALA, AXS, and ALICE, have outperformed the rest of the market, posting more than 30% week-over-week returns. Meanwhile, DAOs appear to be going through a period of profit-taking after PEOPLE and ANT skyrocketed by over 260% the week of Jan. 24th.

Bitcoin Proves Doubters Wrong

  • At about $41,600 on Sunday, Feb. 6th, Bitcoin bounced off a crucial support level and may have more room to go up.
  • From a technical perspective, the 200-three-day moving average at $35,500 on BTC’s 3-day chart was able to hold and serve as a rebound point. Further buying pressure could push Bitcoin closer to the 100-three-day moving average at $47,000, where it will likely face stiff resistance.
  • On Binance Futures, BTCUSDT Long/Short Ratio continues trending downwards to hit a 0.73 ratio on Feb. 6th. Traders remain skeptical about Bitcoin’s future price action as 57.75% of all accounts are net-short. A short-squeeze usually succeeds such a high level of pessimism among market participants.

Weekly Market Mover

* Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated by using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.
Find out more about DEFI Index and trade DEFIUSDT.

Highlights From This Week

Take Part in This Week’s Activities

  • Chat and Earn - Binance Futures launched a new campaign to reward users with 10,000 BUSD and 160 exclusive NFTs for interacting with each other in the Futures Chat Room ahead of the chatbot launch.
  • Calling All Content Creators! - Bloggers, podcasters, YouTubers, and graphic designers are all invited to participate in Binance’s Affiliate Content Program for a chance to earn up to 3,000 BUSD a month.
  • Get Verified and Win! - Binance launched the second round of Enterprise Verification to give users a 1,000 USDT USDⓈ-M Futures cashback voucher for completing enterprise verification and opening a Futures account.
  • Margin Friday - Users who complete an average daily margin trading volume of 1,000 BUSD, or borrowing volume of 100 BUSD on Binance Margin, and complete identity verification by the end of the promotion will be eligible to share 20% trading income.

New Updates

  • Stay SAFU - Binance has updated its emergency insurance fund, Secure Asset Fund for Users (SAFU), to be valued at $1 billion and revealed the wallet addresses where it has allocated the funds.
  • Derivatives Portal - Binance Futures has launched the Derivatives Portal to provide traders with the latest updates about the trading platform and different analytic metrics.
  • Auto Parameters - Grid trading is a strategic tool to automate buy and sell orders at preset intervals and preset price ranges in Binance Futures. The new auto parameters function allows anyone to create a grid trading strategy with just one click.

News Roundup

  • Buy the Dip - Business intelligence firm MicroStrategy bought an additional 660 BTC at an average price of ~$37,865, increasing its holdings to ~125,051 BTC. (Trade BTCBUSD)
  • Solana Pay - Solana Labs announced the launch of Solana Pay to allow users to send stablecoins such as USDC from their crypto wallets directly into a merchant’s account, where the tokens are settled almost instantly with very low transaction fees. (Trade SOLBUSD)
  • Optimizing the Network - Input Output Hong Kong (IOHK), the research and development company behind Cardano, revealed that it will be increasing the network’s block size to 80KB. (Trade ADABUSD)
  • Legalizing Crypto - The Indian government unveiled a tax of 30% on the sale of crypto assets in a move that brings more clarity to the regulatory and tax treatment of cryptocurrencies.
* Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business and it can lead to financial and emotional distress. Trading derivatives carries risk, and furthermore, cryptocurrencies and other digital assets often have high levels of price volatility.
Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.
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Disclaimer: The information provided in this section doesn't represent any investment tips or Binance's official position.