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Futures Weekly Wrap (Apr 18th-Apr 24th): Cryptos Threaten to Break Support

2022-04-25 08:50

Chart of the Week

Interest in DAOs Surges

  • Decentralized Autonomous Organizations, or DAOs, appear to have gained a lot of interest over the past week, with trading volumes surging and traders increasing their long exposure.
  • For instance, the volume for the trading pair ENSUSDT skyrocketed by a whopping 261.14%, while the Long/Short Ratio for PEOPLEUSDT and ANTUSDT rose by 36.45% and 23.78%, respectively.

Bitcoin’s Last Line of Defense

  • At about $39,433.40 on Sunday, Apr. 24th, Bitcoin continues to trade around a vital support level that must hold to avoid a steep correction.
  • From a technical perspective, BTC hovers around one of its most significant support zones, represented by the 78.6% Fibonacci retracement level at $38,531.60. Bitcoin needs to reclaim the 200-day moving average at $40,000.00 on the three-day chart as support as soon as possible to rebound toward $43,668.40. Failing to do so could encourage further selling, resulting in a downswing to $32,853.80 or even $26,828.20.
  • On Binance Futures, the BTCUSDT Long/Short Ratio reached a monthly high of 3.12 on Apr. 24th. Even after the recent erratic price action, traders appear to be bullish as 75.74% of all accounts with an opened position in Bitcoin are net-long.

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 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

  • Interest Rate Reduction - Binance Margin launched a promotion to reduce interest rates for BTC, ETH, BUSD and USDT. Users may enjoy discounted annual interest rates as low as 0.8% with the mentioned assets during the promotion period.
  • Content Challenge - Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD.

Read Our Latest Blog Post

  • What Futures Contract Suits You? - Binance Futures offers a wide selection of crypto derivatives with over 500 trading pairs. Traders on the world’s leading crypto futures exchange can choose from two types of crypto derivatives, including COIN-Margined and USDⓈ-Margined contracts. (Read More)

Trade Our New Listings

New Updates

  • Portfolio Margin Program - Binance has launched the Portfolio Margin Program to unleash the cross-asset capital efficiency and consolidate the margin balances of USDⓈ-M Futures, COIN-M Futures, and Margin accounts for better risk management.
  • Tick Size - Binance has adjusted the tick size of the GMT USDⓈ-M perpetual futures contracts to increase market liquidity and improve the trading experience.
  • Borrowable Asset - Binance has added KNC as a new borrowable asset on Cross Margin, and ASTR as a new borrowable asset on Isolated Margin.
  • VP Trading Algorithm - Binance Futures has launched the Volume Participation (VP) Trading Algorithm for API users on USDⓈ-M futures contracts, allowing them to programmatically automate their order execution strategies, improve execution transparency, and gain smart access to the available market liquidity.

News Roundup

  • BNB Burn - As per the BNB Auto-Burn procedure, the 19th quarterly BNB token burn of 1,839,786.26 BNB, worth more than $740 million, has been completed. (Trade BNBBUSD)
  • Adoption - The Central African Republic became the second country after El Salvador to make Bitcoin (BTC) a legal tender, meaning that BTC would now be accepted as a means of payment. (Trade BTCBUSD)
  • HODLing - The Ethereum Foundation revealed it holds more than $1.60 billion in treasury assets, with nearly $1.29 billion being held in ETH. (Trade ETHBUSD)
  • Supernets - Polygon plans to invest $100 million in customizable 'Supernet' chains, a dedicated network with tools that aim to fast-track blockchain adoption by reducing the barrier of entry for developers. (Trade MATICUSDT)
  • Strong Hangs - Tesla’s Bitcoin holdings remained unchanged in Q1 2022 since the electric car maker did not buy or sell any BTC, nor did it record any impairments to the value of its BTC holdings because prices were essentially flat.
* 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 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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