The major exchange BitMEX launched futures trading for Chainlink and Tezos after the strong competition for rivals in the past few years as we are reading more in our chainlink news today.
The major exchange BitMEX launched futures trading for two new altcoins and the futures volumes exploded across rival exchanges. The exchange also added two trading pairs for the coins that are already listed. BitMEX is bringing two new altcoins to the exchange in the upcoming weeks and it said in a release:
“LINK will be the first DeFi-linked contract available on the BitMEX platform, and together with XTZ, they represent two of the highest market-cap and heavily traded altcoins and are a further step in our aim to provide our users the best coverage of liquid, high-quality products.”
Also, new trading contracts will be made available for the two tokens that are listed on the exchange and the public blockchain project Cardano and the decentralized infrastructure provider EOS. The futures products allow the market participants to bet on the declining and rising crypto prices without holding the actual asset as opposed to spot trading. This will increase the accessibility to reduce the risks associated with storing crypto.
We’re launching EOS Token (EOS), Chainlink (LINK), Tezos (XTZ) and Cardano (ADA) underlying quanto futures contracts. Further details here: https://t.co/3b5aZgj9Kb
— BitMEX (@BitMEX) September 4, 2020
The firm added that the new altcoin contracts will be traded against stablecoins and will also reflect the underlying positions that the traders are taking on the spot market and other exchanges. It also noted that Tether pairs account for more than 60% of the altcoin compared to the BTC and ETH trading pairs. BitMEX pioneered the highly-leveraged futures trading in the crypto market back in 2014 and it allowed traders to bet on the price movements of Bitcoin price by using a multiple of their initial capital. This means that a $10 account could borrow over $500 and $1000 which propelled BitMEX to become the largest crypto exchanges.
In the past few years, Asian competitors such as Binance and Huobi have stolen both volumes and retail participation from the other exchanges. The data shows on-chain analytics firm Glassnode, BTC futures on Binance hit $6.29 billion over the past 24 hours. BitMEX volumes were $4.04 billion despite being in business longer than Binance. Binance, for example, recorded more than $195 billion in trading volumes in different BTC and altcoin offerings but with the new BitMEX product launches it could become even more competitive.
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