Disclaimer: This platform includes third-party opinions. We do not endorse their accuracy. Digital asset prices can be volatile. Do your own research. See full terms here and our risk warning here Binance Futures products are restricted in certain countries and to certain users. This communication is not intended for users/countries to which restrictions apply.
Charts of the Week
Bitcoin Continues Its Momentum
BTC/USDT continued its momentum following the golden cross that appeared on the daily chart on February 7 after the 50-day Simple Moving Average (SMA) crossed above the 200-day SMA.
Prior to this, BTC’s 50-day SMA has trailed below the 200-day SMA since December 2021.
After the emergence of the golden cross, Bitcoin surged to a new swing high at $25,261, which now acts as resistance for the leading cryptocurrency. If bullish momentum falters, credible support could be found at the 50-day SMA at $21,545.
In The Greed Zone
The soaring price is also reflected in the popular index Crypto Fear and Greed Index which jumped from “Neutral” zone to “Greed” zone around February 16.
The index showed a reading of 62/100, marking a new high since November 21.
Open Interest Surges
On Binance Futures, the BTCUSDT Open Interest closed the week on February 19 at about 11% higher from the beginning of week as of February 13.
Traders Slightly Pessimistic
On Binance Futures, the BTCUSDT Long/Short Ratio closed on Sunday, February 19 at 0.9 as 47.45% of all Binance Futures accounts with an open position in BTCUSDT are net long, while the other 52.55% are net short.
Weekly Market Movers
The DEFIUSDT, BTCUSDT, ETHUSDT, and BNBUSDT Futures Perpetual Contracts had a positive week-over-week return of +3.51%, +2.40%, +1.99%, and +2.18% respectively.
***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.
News Roundup
BTC Flippens Visa Again - With a 48% Bitcoin (BTC) price surge since the start of the year, Bitcoin’s market cap pushes past that of Visa for the third time.
Crypto Scam Revenue Plunges - Crypto scam revenue dropped to $5.9 billion in 2022, from a record of $10.9 billion in 2021 - a nearly 50% plunge.
Russia’s CBDC Pilot - The Bank of Russia's central bank digital currency (CBDC) will be launched for peer-to-peer transfers between individuals and for retail purchases in April.
Japan’s CBDC Pilot - Japan plans to begin its central bank digital currency (CBDC) pilot in April 2023, after finishing its Proof of Concept testing that began in 2021.
Highlights From This Week
Binance Futures Feature
With the new Footer symbol preview, users will be able to trade seamlessly from one trading pair to another.
Futures Grid Trading
As a part of the Futures Grid Trading activity, eligible users will stand to receive a VIP Upgrade Voucher and share a total rewards pool of up to 35,000 USDT. Click here to find out more.
New Listings
USDⓈ-M Contracts - Binance Futures launched USDⓈ-M AGIX and PHB, GMX, CFX, STX and COCOS perpetual contracts.
Gain Insights From Our Latest Content
What Are Funding Fees in Binance Futures?
By setting stop orders, futures traders can prepare for unexpected market changes, and capitulations during periods of high volatility.
There is no one-size-fits-all approach when using stop orders on Binance Futures. Each strategy has its advantages and disadvantages, depending on market conditions and the user's specific goals.
This article explores the various types of stop orders available on Binance Futures and what each one offers futures traders.
Bi-Monthly Advanced Report
The latest issue of the advanced technical report covers ETH Shanghai upgrade, its potential significant impact on Ethereum volatility, and more.
Disclaimer and Risk Warning: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial or investment advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. For more information, see our Terms of Use and Risk Warning.
