Futures Weekly Wrap (Aug 1st-Aug 7th): Cryptos Reclaim Vital Support
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Chart of the Week
The Infamous 200-Week MA
- At about $23,181.62 on Sunday, Aug 7th, Bitcoin printed a second consecutive weekly candlestick above the 200-week moving average.
- From a technical perspective, the 200-week moving average plays a lot of significance in Bitcoin’s trend. This trend-following indicator has served as support in all the macro downtrends that BTC has seen since 2014, helping prices rebound into a new uptrend.
- Still, it remains to be whether history will repeat itself or if Bitcoin will lose the 200-week moving average as support and dip lower.
On-Chain Support & Resistance
- Bitcoin’s on-chain activity shows a significant support floor developed at $23,071.32, where roughly 1.36 million addresses bought 1.03 million BTC.
- On the other hand, Bitcoin faces little resistance ahead as the most crucial supply barrier sits at $26,667.77, where 63,530 addresses had previously purchased 181,270 BTC.
Traders Slightly Optimistic
- On Binance Futures, the BTCUSDT Long/Short Ratio rose over the past week and closed on Sunday, Aug 7th, at a ratio of 1.38.
- Traders became more optimistic as 57.93% of all Binance Futures accounts with an opened position in Bitcoin are net long.
Weekly Market Movers
* 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.
- Soulbound Token - Binance announced it would issue Binance Account Bound (BAB), the first-ever Soulbound Token (SBT) built on the BNB Chain, “to explore how credentials will function in Web3” and develop new use cases to “pave the way for a more efficient decentralized community and space.” (Trade BNBBUSD)
- The Merge - Vitalik Buterin shared that after the Merge, Ethereum will only be about 55% complete as the network would have to go through “the Surge, the Verge, the Purge and the Splurge” to become more scalable. (Trade ETHBUSD)
- Solana Attack - The Solana network suffered a multi-million dollar after a hacker successfully drained around $6 million in a smash and grab raid on users’ Phantom wallets. (Trade SOLBUSD)
- Binance & Mastercard - Binance partnered with Mastercard to launch a cryptocurrency power card for customers in Argentina, allowing users to spend digital assets in everyday purchases and reduce the gap between crypto and fiat payment rails.
Highlights From This Week
Take Part in This Week’s Activities
- Liquidity Provider Program - Binance upgraded the USDⓈ-Margined Futures Liquidity Provider Program, where qualified liquidity providers can now enjoy higher maker fee rebates of up to 0.005%.
- Taker Program - Binance Futures launched the Taker Program with up to a 20% taker fee discount for all USDT-margined perpetual and delivery contracts.
- Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.
- 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
- How to Make Your First Trade on Binance Futures - With over 500 trading pairs available, Binance Futures has grown to become the world’s most liquid crypto derivatives exchange, allowing users to avoid unnecessary risks. This guide explains how you can get started with Binance Futures and join more than 29 million active traders today!
Trade Our New Listings
- BUSD-M Contracts - Binance Futures launched BUSD-Margined AUCTION and UNI perpetual contracts with up to 20x leverage.
- COIN-M Contracts - Binance Futures launched COIN-Margined ENS perpetual contracts with up to 20x leverage.
- Cross Margin - Binance added BOND as a new borrowable asset on Cross Margin and BOND/BUSD and BOND/USDT as new trading pairs on Cross Margin.
- Tick Size - Binance Futures adjusted the tick size of JASMY USDⓈ-M perpetual futures contracts to increase market liquidity and improve the trading experience.
- European Options - Binance will conduct a product upgrade for European-style Options by the end of Q3 2022.
* 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.
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