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First Binance Liquidation Happens After Margin Trading Feature

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First Binance Liquidation happened today on the platform after the exchange continues its test for the new margin trading feature so we are reading more about it in the altcoin news today.

As Binance CEO Changpeng Zhao confirmed on Twitter today on June 24th, that the pilot scheme brought up to the first binance liquidation and might be very painful for those involved. The Bitcoin price continued to fluctuate even today at press time after reaching $11,300 on some of the exchanges before correcting downwards below $10,600. The major price moves can prove very costly for the margin traders since the world leading crypto exchange chose to steer clear of the sought-after but it is however potentially dangerous tool.

The margin trading accounts’ face on major exchanges such as BitMEX is always a big point of conversation on crypto social media especially since all of the data is showing the extent of users’ losses and gains. Zhao noted that the first Binance liquidation will remind the followers to behave nicely with their capital.

 “Don’t bet against bitcoin, and don’t bet [against] b…”

Zhao’s words could pose a warning to inexperienced traders who are considering margin trading but it also could be a suggestions to his followers to long Bitcoin. The last part of his comment refers to his platform’s own currency the Binance Coin (BNB) in order to support that token as well. The pilot involves multiple Binance users and now the officials are opting to open the participation for holders of the in-house token earlier this month via an early access scheme. BNB has gone way up since its launch and it has even delivered an all-time high of slightly under $40.

This week as reported in the latest cryptocurrency news, Binance confirmed that the trading support for the native Binance Chain Stablecoin the USDSB is available. Previously, the trading platform announced the issuance of the BTCB on the Binance Chain which is a token pegged to Bitcoin. Also, Binance launched the decentralized exchange Binance DEX which will also facilitate trading. According to the exchanges’ blog posts we can read that:

‘’The main benefit of offering crypto-pegged tokens is that, obviously, this makes available to Binance DEX traders the many coins that have their own blockchains and aren’t native on Binance Chain. With the increase in the selection of tokens available on Binance DEX, there should be an increase in trading volume and liquidity, This would further increase the utility value of Binance DEX.’’

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OKEx Expands Product Offering With Tether-Margined BTC Futures

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Okex expands its product offering by starting to include Tether-margined Bitcoin futures and the launch comes after the successful simulation period that started at the beginning of the month as we read in the blockchain news before.The malta-based OKEx describes itself as ‘’the world’s largest futures crypto exchange’ and now the BTC/USDT futures product represents a virtual derivative that is settled in Tether. It has a value of 0.0001 BTC and all of the traders can long or short position with a leverage of 0.01 and 100x. however, the question remains why trade with Tether and BTC/USD futures or at all use Bakkt’s Bitcoin settled futures?OKEx expands its number of advantages as well in a press release. The linear contract shows that there is no need to hedge the margin risk of an inverse contract but the Tether altcoin removes the need to change between fiat and crypto thus improving efficiency and reducing cost. OKEx claims that the trading experience is also much more intuitive and makes it much easier for the users to learn about it. The system is described as ‘similar to spot trading, with the addition of leverage.’ Following the successful simulation period, the CEO Of OKEx Jay Hao stated that he has seen some positive feedback from the traders. However, he claims that this was only the beginning of Tether-backed futures products:
‘’At OKEx, we’ve developed a safe, reliable, and stable environment for cryptocurrency trading, and strive to offer new services based on our customers’ interests.’’
After the addition of the USDT linear futures contract, there are a few other plans to add the pairing to the OKEx perpetual swap market and some of the other cryptocurrencies such as ETH, LTC, BCH, and EOS will be launched on the USDT-margined futures market soon. OKEx claimed more than $2.4 billion of crypto derivatives and traded in less than 24 hours back in March surpassing BitMEX and kicked it off the top spot. However, it has also faced accusations that up to 90 percent of claimed spot-volume which was wash-traded.The CEO HAO put up a 100BTC bet that he can prove that about 10 percent of the exchange’s volume was real.
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Blockchain News

CFTC Chairman Urges America To Lead The Blockchain Race

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CFTC Chairman urges the United States to take a more active role in the blockchain race despite the fact that the industry lacks clarity. Heath Tarbert attended a conference this Tuesday and shared his view on the blockchain industry in the country as we are reading further in the blockchain news today.The CFTC chairman urges the US to be more active and lead the blockchain race if possible. The US regulatory landscape is heavily polarized and uncertain and Tarbert believes that the issue lies in the fact that the state and federal agencies are both trying to gain oversight of the markets. He believes that the environment has to become more welcoming towards emerging technologies and innovation.Tarbert revealed that the desire to create a stable regulatory landscape comes because of the CFTC’s employees’ choice to make one of the agency’s core values look more ‘forward-looking.’ In order to achieve the new goals, he admitted that the CFTF is talking with the US SEC almost every day and furthermore the agency has been working on multiple questions regarding the digital assets space on an international level.The CFTC chairman revealed that the new viewpoint of the agency on digital assets and blockchain technology could bring a huge change to the financial system of the world. However, the CFTC also believes that the United States should become the leaders in the space which is not the case currently. The US is now being left behind since other countries such as Malta, China, Japan, and South Korea are making huge advancements in the field.Tarbert believes that the US has the means to become the leader in blockchain technology and that Congress has to answer some of the most important questions regarding the rise of cryptocurrencies. The chairman admitted that there are a few proposed bills that can provide bigger clarity but there was not a lot of movement in the area.The CFTC chairman even mentioned the CFTC’s Reauthorization Act of 2019 saying that it is a good step but a very small one, indicating that he is not really happy with the results. He still believes that the inclusion of cryptocurrencies as a part of the Act is a good step further.
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Blockchain News

Crypto Exchange Execs From South Korea Jailed For Fraud

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Crypto exchange execs from South Korea were convicted by the South Korean court including the head of cryptocurrency exchange Coinup for fraud; he’s been sentenced 16 years in jail. The company’s vice president was sentenced 11 years in jail, and also eight other executives were given jail time. Let’s read further in the cryptocurrency news today.What is one of the boldest crypto-related fraudulent schemes in South Korean history, involves the scamming of hundreds of investors out of a total of over USD 386 million as per the Korean court in Seoul found “Cash Kang” (real name Kang Seok-Jung) the CEO of Coinup guilty.Kang and his accomplices made fake images showing massive overseas data centers, a fake video, and an English language new platform, going so far to Photoshop and distribute a picture of Kang standing next to the South Korean President Moon Jae-In on the cover of a false publication, per Ilyo Seoul, as found in a campaign lead by the South Korean police started in 2018 and ended February of 2019.Coinup even got mainstream media attention with the organizing of a meeting for potential investors making daring promises for profitable rewards for investors, at the leading convention center in South Korea; the COEX in Seoul, where the event had an estimated 5,000 attendees.
 “The victims are also responsible for the scale of the damage. They investing excessively in the hope of obtaining high returns over a very short period of time."
In the investigation, more than 60 Coinup personnel were arrested by the police. The court sentenced six of the arrested crypto exchange execs and accused besides the CEO and vice president, with jail sentences of six to nine years of prison.The court heard how Kang and his accomplices used the investors’ money to award themselves a good share of the fund whilst making some investments in bad and worthless crypto. MBC reports that only assets in the worth of USD 258,000 were seized by the police despite the amassing of USD 386 million. The judge presiding the court council said that Coinup’s scam was “highly organized and paid great attention to detail."
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Blockchain News

PrimeBit Offers 200x Leverage On Crypto Derivatives Market

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PrimeBit, P2P crypto exchange which is a very popular alternative margin trading option, beats the competition with the maximum 200x leverage on its platform. Let’s find out more in the cryptocurrency news today.The idea with P2P exchanges is to exchange derivatives with other members of the community with a clear flat fee. There are a few other crypto-futures platforms available but PrimeBit offers 200x maximum leverage offer. Margin trading is all about making good profits without having to risk a lot of money. The leverage allows you to open positions at a much higher level than you deposit. For example, a 10x leverage and $100 deposit can bring you to order worth $1000.If the market goes the opposite way and you are trading with a 100x leverage, the funds may vanish quickly but luckily, you will get covered as the downside is limited by the size of the deposits and the upside is often unlimited. That’s why it is very important to understand that if a platform offers a 200x leverage, you can trade with a different margin on each account. Primebit offers 1x, 2x, 5x, 10x, 25x, 50x, 100x and 200x. This leverage is great because you can make a profit instantly despite the markets being stagnant.The crypto contracts trading platform offers the highest leverage only if it can provide the best auto-deleveraging system that is able to close the position if the margin is too low to cover it. PrimeBit offers the best conditions but the runner-up changes depend on each cryptocurrency. Bitcoin is the most popular choice among the crypto contract traders and the platform offers a maximum leverage of 200x on BTC/USD while Binance takes second place with 125x leverage.Ethereum contracts trading conditions are much more different. While PrimeBit offers great leverage, the competitors have lowered the standards and Binance has even cut the maximum leverage by 20 percent with a 100x leverage. The difference between the platforms increases when it comes to Litecoin. While PrimeBit offers a 200x leverage, Kraken crypto exchange also offers great conditions that are four times smaller than those of the leader. Apart from this, BitMEX can offer substantial leverage as well.
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