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Category: bybit

ByBit Inks 3-Year Esports Sponsorship Deal with Astralis and Alliance

Cryptocurrency trading platform, ByBit has inked a 3 year esports sponsorship deal with both Swedish esports organization Alliance and Danish firm, Astrallis in its drive towards global awareness. The deal, which models similar moves by FTX derivatives exchange is a testament to the growing tilt by major crypto brokerages to the importance of esports. Both

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Bitcoin Short Squeeze Revives Trading Volume And Volatility

After what seems like a thousand years of stability and a slight downtrend, bitcoin is back. Volatility is wreaking havoc. Trading volume seems to be picking up steam. And, more importantly, the community’s morale is climbing up. In any case, what do the data and the on-chain analysis say? Are the numbers high enough to justify the excitement? Let’s explore them. BTC price chart for 07/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com Trading Volume Is Climbing, But, Is It A Trend? According to Arcane Research, “On Monday, the daily trading volume in bitcoin reached $9.2 billion, which is the highest daily trading volume in bitcoin recorded since June 22nd.” That could be a good sign of a healthy market making a recovery, but hold your horses. The market had been stagnant for a while, and not only that, before the spike we had “Four consecutive days bellow $3 billion.” Related Reading | Bitcoin Trading Volume Plunges To Lowest Level Since 2020 Even though $9.2M is a promising number, take into account that “Overall, the 7-day average trading volume remains substantially below its yearly average and trading activity in bitcoin seems to be low so far this summer.” From where we stand, there’s no way of knowing if the market is picking up or if we are witnessing a statistic anomaly. We’ll have to wait and see. BTC Daily Volume is rising | Source: Arcane Research Volatility Is Back In Action, But, Is It Here To Stay? Even though traditional finance is afraid of it, the Bitcoin community thrives on volatility. And, again according to Arcane Research, “Yesterday, the markets moved towards the upside, leading the 7-day volatility to climb above the 30-day volatility.” So, volatility is back, but, are we off to the races? Don’t be so sure. “Last summer, a similar event occurred when bitcoin was consolidating throughout the summer on declining volatility, before seeing a sudden 11% gain on July 27th, 2020. Then, the market corrected back toward the lower end of the consolidation range quickly thereafter and remained within its consolidation range throughout the summer.” Are we in the same cycle, though? So far, 2021 has been insane for Bitcoin. All the predictions fell through. All the models seem to be failing. And there’s hope. The bull run might be over, but it also might not. And if we are still in the bull run, there’s no point comparing the situation to last summer. We might be in a whole different ball game. BTC/ USD Volatility is wreaking havoc | Source: Arcane Research The Short Squeeze That Generated This Everything happened “On Monday, $750 million worth of shorts got liquidated, as bitcoin climbed from $34000 to $39500. This is the largest short squeeze we’ve recorded in bitcoin, surpassing the squeeze amid bitcoin breaking its 2017 ATH on December 16th-17th.” That catastrophic event shifted Bitcoin’s tectonic plates and put volatility, trading volume, and everything in motion. How long will it last, though? That’s the question. Related Reading | $150 Million In Short Squeeze Liquidated As Bitcoin Scales Above $53,000 About the short squeeze is worth noting that “Binance changed their API following the May 19th crash,” so the numbers might not be precise. In fact, according to Arcane Research, the situation might’ve been “severely underestimated by Bybt. This short squeeze was, therefore, very likely far larger than $750 million.” Featured Image by Steve Buissinne from Pixabay – Charts by TradingView
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World’s Largest Derivatives-Only Crypto Exchange Enters Spot Market

ByBit, a derivatives-only cryptocurrency trading platform is entering the spot crypto market. The new spot exchange services would support BTCUSDT, ETHUSDT, XRPUSDT, and EOSUSDT trading pairs to begin with, with the biggest surprise being XRP. The expansion has occurred as the result of a series of regulatory actions against the organization. Bybit’s derivatives business has

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Ethereum Cloud Mining With Bybit – Is it Worth it?

On May 4, crypto derivative exchange Bybit launched a new service – an Etereum cloud miner. The company says this new Ethereum cloud mining service could be your best shot to mine ETH with minimal investments and earn sizable profits. The relatively low entry price of $100 and flexible 7-, 21-, and 42-day plans have subsequently grabbed the attention of many existing and would-be cloud miners.

The post Ethereum Cloud Mining With Bybit – Is it Worth it? appeared first on BeInCrypto.

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Derivative Exchanges See $1.69B Stablecoin Outflow, Are Whales Moving to OTC Desks?

Derivative exchanges registered a massive outflow of $1.69 billion in stablecoin in a rare occurrence. A net outflow of such high magnitude is often seen as a bearish signal as analysts believe traders relocate their stablecoins in anticipation of a possible market correction. Traders often go for high leverage trade during bull runs and data

The post Derivative Exchanges See $1.69B Stablecoin Outflow, Are Whales Moving to OTC Desks? appeared first on Coingape.

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Chinese Crypto Exchanges Suspended Contract Trading, Traders Flock to OTC Desks

China’s recent crackdown on crypto miners and traders has forced local crypto firms to withdraw their operations partially. In the latest development, Chinese journalist Wu Blockchain reports that owning to the regulatory changes, BitMart has decided to suspend contract trading services for all its users. All the previous transactions can be closed, however, no new

The post Chinese Crypto Exchanges Suspended Contract Trading, Traders Flock to OTC Desks appeared first on Coingape.

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Bitcoin Dominance Slips To 3-Year Low As Liquidation Hits $2.5 Billion Longs

Yesterday’s Twitter feud between business tycoon Elon Musk and the crypto community had far-reaching consequences that went beyond the constant verbal sparring on the popular social media site. For the crypto market, it was a disaster. Liquidation Galore In The Crypto Market According to data from ByBit, a total of $2.4 billion worth of longs […]
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Bybit Launches Cloud Mining Service, Now Anyone Can Mine ETH from $100

Bybit, one of the world’s most influential crypto derivatives exchanges, has announced the grand opening of their cloud mining services. As part of the expansion of its narrow and focused product suite, Bybit Cloud Mining offers a chance for ordinary crypto enthusiasts to mine ether (ETH) without having to purchase and operate specialized mining hardware.

The post Bybit Launches Cloud Mining Service, Now Anyone Can Mine ETH from $100 appeared first on Coingape.

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