BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 17, 2020)
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What is Perpetual Contract?
Perpetual contract is a derivative product that is settled in digital tokens such as Bitcoin (BTC)s (BTC). Traders enter either into a long (profit from upward trend) or short (profit from downward trend) position. Available leverage ranges from 1–100x.
Find out more about BHEX Perpetual Contract
Data shows that Tether has issued 157 million new USDT in the past seven days. Ethereum and TRON are the main public chains for the newly issued USDT, accounting for 71.34% and 27.85% respectively.
As of February 16, the number of BTC active addresses was 550,500, a decrease of 17.54%. The number of on-chain transactions was 292,000, a decrease of 9.46%. There were 509 large on-chain transactions each holding over 100 BTC’s, a decrease of 7.45%.
BTC.TOP BTC mining pool has updated its BCH miner output donation plan. The plan needs 2/3 of the community consensus before the plan can take effect. Bitcoin ABC plans to implement an infrastrature for capital funding. Bitcoin ABC has also revised the miner’s output donation proportion to 5%.
China’s central bank injected 100 billion yuan (estimated 14.33 billion U.S. dollars) into the financial system on Monday, February 17, 2020.
Daniel Larimer, creator of EOS deleted the controversial tweet
commenting about COVIN-19 virus. The controversial tweet may cause EOS to be delisted in several exchanges, sparking fear within its EOS community.
Data from J.Golden Zone shows 47 million U.S dollars was deposited into 11 different exchanges within 24 hours. Such large deposits have been on-going for seven consecutive days.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 284 billion U.S. dollars (-2.65%) and the 24h trading volume is U.S. $ 170 billion U.S. dollars (+0.79%). BTC fallen to $ 9,635 and quickly rebounded to $ 10,000. It is currently oscillating above 9800.
Amongst the leading cryptocurrencies, the pre-halving currencies plummeted. BCH fell by -8%, BSV -12% and ETC -10%. EOS was affected by the inappropriate controversial post tweeted by the creator Daniel Larimer.
Bitcoin continues with the pullback, falling to the mid bollinger band with 9550 as the current support. The 4H MACD fallen below the zero axis, short-term volume decayed. The K-line has fallen to the lower bollinger band. In the short-term, the market may receive support between 9550–9700.
Strategy: Long 9750, Stop Loss 9600, Target 10000.
ETH continues to fall. After fallen through 260, the price was rejected by a strong resistance which changed the 260 level from support to resistance. Short-term oversold. The 4H MACD flattens across zero axis. The short-term market may rebound slightly, but may encounter resistance. It is recommended to short the key resistance.
Strategy: Short 258, Stop Loss 264, Target 240.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Traders Are Switching From Long To Short, Active Selling Volume Surpassed Active Buying
As of 17 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 2.21.
Perpetual Contract Funding Rate is 0.0194%;
The total number of BTC Contracts is 73,930,733;
The total number of BTC USDT Contracts transacted is 90,743,279;
29,467,966 BTC Perpetual Contract active Buy orders, and 38,817,894 of Sell orders.
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Published at Mon, 17 Feb 2020 06:23:13 +0000
