BHEX Daily Crypto Watch, Perpetual Contract Strategy & Big Data(Feb 5, 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
Terry Duffy, CEO of the CME Group told CNBC in a recent interview that the popularity of digital assets is increasing, compared to gold. Bitcoin is now a digital gold and a safe-haven asset to investors.
On February 4, 900 million XRP with an estimated value of US$228 million was moved from one wallet to three separate wallets by Ripple as part of it’s monthly escrow procedure.
Last week, Bakkt’s options saw almost no transaction volume, suggesting that the recent rise in the price of bitcoin was mainly driven by retail or individual investors and institutions were not involved.
As of February 4, the number of BTC active addresses was 676,900, a decrease of 7.32%. The number of on-chain transactions was 309,000, a decrease of 6.59%. There were 725 large on-chain transactions each holding over 100 BTC’s, a decrease of 24.87%.
Market Situation:
The total cryptocurrency market capitalization is U.S. $ 257 billion U.S. dollars (-0.31%) and the 24h trading volume is U.S. $ 106 billion U.S. dollars (-5.30%).Bitcoin fell slightly below 9100 and quickly rebounded to 9200.
Ripple XRP rose by 5% yesterday, a second sudden increase in price this month. Leading cryptocurrencies are holding their positions very well, ETH at 190, LTC at 70, EOS above 4. The overall oscillating pattern remains positive.
Bitcoin fell through 9100 but quickly rebounded to 9200. The daily MACD has formed a death cross below the zero axis. The three deviation Bollinger bands are moving upwards an indication of the market is still heading up. There will probably be a mild correction in the short term.
Strategy: Long 9000, Stop Loss 8900, Target 9400.
(The above is an opinion, not financial advice)
BHEX BIG DATA: Number Of Active Sell Orders Purpassed The Number Of Active Buy Orders, And Shorts Are Dominating
As of 5 February, 10.30 am (UTC+8), BHEX Big Data shows the ratio of Long & Short position is at 1.82.
Perpetual Contract Funding Rate is -0.0043%;
The total number of BTC Contracts is 166,533,748;
The total number of BTC USDT Contracts transacted is 45,418,527;
55,635,706 BTC Perpetual Contract active Buy orders, and 60,215,853 of Sell orders.
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Published at Wed, 05 Feb 2020 04:32:33 +0000
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