Binance Futures, the platform for trading in cryptocurrency derivatives, reported that since the beginning of 2020, the trading volume had exceeded $1 trillion.
Binance Futures was launched in September last year and immediately became the market leader. However, in August alone, according to the aggregator CryptoCompare, the growth in trading volume compared to July was 74%.
“We are grateful that our futures exchange has been positively received by users. When we worked on Binance Futures, we used the knowledge we gained from the development of the spot platform, and we were able to ensure stable platform operation, product innovation, and user-friendly interface,” Changpeng Zhao, CEO of Binance, said.
According to Aaron Gong, Vice President of Binance Futures, the exchange has invested in a quality bid matching engine and paid maximum attention to product development. According to him, despite many trading products with altcoins, they occupy only 40% of the trading volume on the platform. All the other 60% are deals with BTC.
Trading volumes in the crypto futures market are constantly growing. For example, in the second quarter of 2020, this indicator increased by 165% at once compared to the same period last year. Quarterly trading volume in the futures market exceeds $2 trillion.
According to the analytical company Skew, in addition to Binance Futures, the market leaders are OKEx and Huobi.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin dropped to the support level of $10,150. Now, it is $10,320. In the future, we predict an upward movement with a subsequent decline. The nearest resistance levels are $10,340, $10,500, $10,700, $10,800, $10,900, $11,000, $11,100, $11,300, $11,400, $11,500, $11,650, $11,850, $12,000, $12,230, $13,000, $13,500. The nearest support levels are $10,300, $10,250, $10,200, $10,000, $9,850, $9,600, $9,400, $9,300, $9,200, $9,000, $8,600.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum dropped to the support level of $310. Then it rose to the resistance level of $350. Now, the price of ethereum is $334. In the future, we predict a decline. The nearest resistance levels are $350, $355, $365, $375, $380, $385, $390, $400, $410, $415, $420, $430, $440, $443, $470, $475, $500, $530. The nearest support levels are $330, $325, $310, $300, $290, $277, $270, $260, $257, $250.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple dropped to the support level of $0.22. Now, it is $0.2250. In the future, we predict a decline. The nearest resistance levels are $0.23, $0.2350, $0.2450, $0.2480, $0.25, $0.2550, $0.2580, $0.26, $0.27, $0.28, $0.29, $0.2960, $0.30, $0.3080, $0.31, $0.32, $0.3250, $0.3450. The nearest support levels are $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20.
