Bitfinex has launched perpetual contracts in USDT, copying two European stock indices: Europe 50 (STOXX) and Germany 30 (DAX).
Perpetual contracts for Europe 50 (EUROPE50IXF0: USTF0) and Germany 30 (GERMANY30IXF0: USTF0) started functioning on September 28th at 12:00. Each contract offers a leverage of up to 100x and is settled in the USDT stable coin.
A perpetual contract is similar to a traditional futures contract, but has no expiration date and repeats the spot market movement. The Europe 50 Index (STOXX) tracks 50 shares from 18 European countries, while the German 30 Index (DAX) tracks the 30 largest and most liquid German companies traded on the Frankfurt Stock Exchange.
“This is the first time that an exchange in the digital asset industry has launched a product that bridges the gap with traditional stock markets, a milestone in the evolution of cryptology as an asset class,” Paolo Ardoino, CTO of Bitfinex Derivatives, said.
According to him, the use of USDT will simplify calculations in trading strategies between asset classes, hedging, and risk management. Perpetual contracts will be open for trading around the clock during the week, unlike stock exchanges, which operate for several hours five days a week.
Thus, investors from traditional markets can turn to Bitfinex perpetual contracts on eventful weekends to determine prices before the stock exchanges open on Monday.
“On weekends we reasonably expect lower volumes than on weekdays, unless there are significant economic events, such as changes in central bank policies, etc.,” a Bitfinex representative said.
The Exchange will seek to ensure price stability by setting a +/- 5% limit on the final market structure from 19:30 to 11:00 the following day.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin slightly decreased to the support level of $10,830. Then it rose again to the resistance level of $10,950. Now, the price of bitcoin is $10,770. In the future, we predict an increase. The nearest resistance levels are $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 $10,700, $10,500, $10,340, $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 rose to the resistance level of $365. Then it dropped to the support level of $350. Now, the price of ethereum is $355. In the future, we predict an increase. The nearest resistance levels are $365, $375, $380, $385, $390, $400, $410, $415, $420, $430, $440, $443, $470, $475, $500, $530. The nearest support levels are $355, $350, $330, $325, $310, $300, $290, $277, $270, $260, $257, $250.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple rose to the resistance level of $0.2480. Then it dropped to the support level of $0.24. Now, the price of ripple is $0.2450. In the future, we predict an increase. The nearest resistance levels are $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 $0.2450, $0.24, $0.2350, $0.23, $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20.
