Cryptos Prepare for a Volatile Movement
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Bitcoin Remains Stagnant
Bitcoin closed on Sunday, Sep 25, at $19,168, as it continues to consolidate around a crucial support area.
From a technical perspective, BTC is gaining strength to rise and test the 200-week moving average at $23,000. Still, whether a break or rejection could come around this critical resistance barrier.
A weekly candlestick close above the 200-week moving average could trigger a new uptrend toward the 50-week moving average at $35,000. On the other hand, failing to overcome this obstacle may serve as a sign of weakness that encourages profit-taking and sends Bitcoin back to the $19,000 support level.
The ambiguous outlook can also be perceived in known cryptocurrency exchange wallets. Indeed, the number of BTC tokens flowing in and out of these addresses appears to have stabilized. Balance on exchanges remained flat over the past week at around 2.40 million BTC.
On Binance Futures, Open Interest for BTCUSDT fluctuated significantly at the beginning of the week but closed on Sunday, Sep 25, at 120,221.27 BTC with a notional value of $2.27 billion. Roughly 67.34% of all accounts with an opened position in BTCUSDT were net long on this day, even though Taker Sell Volume closed slightly higher than Taker Buy Volume on Sep 25.
Weekly Market Movers
The BTCBUSD and ETHBUSD Futures Perpetual Contracts had a negative week-over-week return of -2.58% and -3.41%, respectively. Meanwhile, the DEFIBUSD and BNBBUSD Futures Perpetual Contracts yield week-over-week gains of 5.95% and 2.98%, respectively.
RSRUSDT outperformed the rest of the USDⓈ-M Perpetual Contracts in Binance Futures, followed by XRPBUSD and ALGOUSDT. On the other hand, LUNCBUSD ranked first as the worst-performing asset, followed by KNCUSDT and LUNABUSD.
***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.
- Vasil Hard Fork - Cardano’s long-awaited Vasil hard fork has officially gone live, increasing network capacity and making transactions faster but with lower costs. The network upgrade also introduced Plutus enhancements, allowing developers to create more powerful dApps. (Trade ADABUSD)
- Combat Crypto Crime - The US Department of Justice (DOJ) established a unit of federal prosecutors, called “Digital Asset Coordinator (DAC) Network,” consisting of over 150 prosecutors whose goal is to “combat the growing threat posed by the illicit use of digital assets to the American public.”
- Increasing Coverage - Helium partnered with T-Mobile, one of the leading telecommunication companies in the US, to launch the Helium Mobile, the world’s first "cryptocarrier," and increase coverage across the nation. (Trade HNTUSDT)
- New Integration - Horizon Protocol, a DeFi protocol for issuing and trading borderless synthetic assets, successfully integrated Chainlink Keepers on BNBChain mainnet to securely and cost-efficiently automate the distribution of Horizon Exchange fees and staking rewards to HZN stakers on time. (Trade LINKBUSD)
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 31.
- Fee Discount - Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Oct 31.
- 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 LDO and CVX Perpetual Contracts with up to 25x leverage.
- Quarterly Futures Contracts - Binance Futures listed USDⓈ-M BTC and ETH Quarterly 1230 Contracts. Please note that USDⓈ-M Quarterly 0930 Contracts will expire and settle on Sep 30.
- Cross Margin - Binance added GLM, NEBL and VIB as new borrowable assets on Cross Margin and GLM/BUSD, NEBL/BUSD, and VIB/BUSD as new Cross and Isolated Margin pairs.
- Ethereum Proof-of-Work - Binance completed the distribution of Ethereum Proof-of-Work (ETHW) tokens to eligible ETH and WETH holders
- Heatmap Widget - Binance Futures launched a Heatmap Widget that displays the top 30 USDⓈ-M or COIN-M Perpetual Contracts in Binance Futures, showing real-time data in the form of blocks that are automatically organized by trading volume and percentage price change.
- 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.
***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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