Bitcoin Price And Futures Volumes Rise
The recent surge in the Bitcoin price has ushered in new investors, especially in the futures market. On the 2nd of April, Bitcoin bolstered above $7000. I don't think many people realize how bullish this actually is, especially in the current market conditions. CME recorded $347 million in volume for the day, while Bakkt saw $12 million in volume for their physically settled product.
Many prominent personalities involved in the space believe that what we are currently seeing is only the beginning. To be honest, I would have to agree. However, I have not taken a further price plunge off the table, as markets remain unstable and equally unpredictable. A drop to the sub $5000 level would be short lived in my opinion, if it were to take place.
Technically, things are also looking positive, as BTC is looking to confirm a breakout out of an ascending triangle, which is generally a bullish pattern.
Bybit's USDT Perpetual Contracts Are Live To Start Trading!
Bybit have really proven their product over the last few months. Traders have been flocking to Bybit to take advantage of their efficient trading platform and their very competitive fee structure. Unlike their competitor Bitmex, who only enable deposits and withdrawals in BTC, Bybit settles contracts in the asset being traded.
For instance a trader will deposit ETH to trade ETH futures. On Bitmex all contracts are settled in BTC and all profits can only be withdrawn in BTC. Bybit have taken their trading menu a step further, introducing contracts being settled in USDT!
These USDT contracts can also be hedged, meaning a trader can have a long and short position open simultaneously! Different leverage options can also be assigned to different positions, which is also a very attractive feature to traders. As a trader myself, I am very excited about this advancement!
There have been a number of concerns regarding Bitmex of late, specifically unscheduled downtime and the flash crash that was recently seen with their XRP futures contract. Bybit's recent addition will probably encourage more Bitmex users to migrate over to Bybit.
Traditional Traders Set To Take The Plunge Into Crypto!
A recent study of 86 senior executives suggests that larger trading companies could be ready to embark on a journey into the world of Crypto! The report was compiled by the CME Group, Bitstamp and Acuiti.
The study shows that the BTC/USD trading pair is the most preferred instrument of choice and further suggests that the Crypto market could be on the brink of a fresh surge. There were those who were not willing to trade Crypto assets but were open to revisit the idea within the next 2 years.
What is more encouraging for Crypto, is that 45% of those not willing to trade Crypto said they are planning to re-evaluate their current stance within 6 months. Some of the concerns that were expressed by unwilling participants were the usual, fear of hacking and regulatory issues among others. Custody and KYC concerns were also raised as a deterrent.
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