Cryptos Rebound as Network Grows
Futures Weekly Wrap - Binance Futures
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New Binance Options Trading Platform Launches
Binance launched the new Binance Options trading platform on Sep 13th, available on both the Binance Website and the Binance App. Click here to learn more!
Chart of the Week
- At about $21,839.13 on Sunday, Sep 5th, Bitcoin rebounded from the 2017 all-time high at $19,804.25.
- From a technical perspective, BTC has yet to reclaim the 200-week moving average as support to have a better chance of recovering and advancing to the 50-week moving average.
- Note that a potential rejection of the 200-week moving average could trigger a downswing to the 2017 all-time high at $19,804.25 or the 2019 high at $ 13,888.32.
- The number of new daily addresses created on the Bitcoin network appears to be rising again, which suggests a spike in interest from sidelined investors to scoop up more tokens around the current price levels.
- Network growth is often considered one of the most accurate price predictors for cryptocurrencies. Generally, a steady increase in the number of new addresses created on a given blockchain can start a new price uptrend.
- On Binance Futures, the BTCUSDT Long/Short Ratio has taken a U-turn, closing on Sunday, Sep 11th, at a ratio of 0.72.
- Traders appear to believe that Bitcoin gains are limited as 57.97% of all Binance Futures accounts with an opened position in BTCUSDT are net short, while the other 42.03% 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.
- New Integration - Chainlink announced that Hyphen Oracle Network has partnered with NorthWest Nodes and Glink Solutions to launch a custom decentralized oracle network on Chainlink. (Trade LINKBUSD)
- Open-Source - Polygon announced that its PIL ZK toolkit is now open-source, allowing developers worldwide to use Polygon’s creation within the permissive bounds of the Apache2 and MIT licenses. (Trade MATICBUSD)
- Underwater - Algorand Foundation announced that it has a $35 million USDC exposure in troubled Singapore-based lender Holdnaut, but it is pursuing all legal means to recover the funds. (Trade ALGOUSDT)
- Pro-Crypto - The UK elected a new Prime Minister, Liz Truss, who said several years ago that the nation “should welcome cryptocurrencies in a way that doesn’t constrain their potential.”
Highlights From This Week
Let’s Celebrate Binance Futures’ 3rd Anniversary!
Binance Futures launched a wide range of activities to celebrate its third anniversary. Anyone who creates and shares any Binance Futures-related content on their social media will stand a chance to win a share of 30,000 BUSD and 99 Binance Futures 3rd Anniversary Limited Edition NFTs. We are also releasing 333 Binance Futures 3rd Anniversary NFTs in collaboration with Binance NFT, so follow us on our official Twitter account, @BinanceFutures, to join the festivities and make sure to use the hashtag #BinanceFuturesTurns3 to win!
Take Part in This Week’s Activities
- Taker Program - Binance Futures launched the Taker Program with up to a 20% taker fee discount for all USDT-Margined Perpetual and Delivery Contracts until Oct 31st.
- Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Oct 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.
Trade Our New Listings
- USDⓈ-M Contracts - Binance Futures launched USDT-Margined SPELL, 1000LUNC, and LUNA2 Perpetual Contracts with up to 25x leverage.
- Cross Margin - Binance added LUNC as new borrowable assets on Cross Margin and LUNC/BUSD and LUNC/USDT as new Cross Margin pairs.
- Multi-Assets Mode - Binance has updated the maximum deposit limits for margin assets that can be used when trading USDⓈ-M Futures in the Multi-Assets Mode.
- Leverage and Margin Tiers - Binance Futures will adjust the margin tiers of the ETH USDⓈ-M Perpetual Contracts and ETH COIN-M Perpetual Contracts with new leverage and margin tiers.
***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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