The number of Bitcoin (BTC) futures traded over the past 24 hours grew to over $2 billion dollars as BTC’s price struggles to stay above $7,000 USD. Having recently been added to Skew Markets, Singapore based, OKEx cryptocurrency exchange shot up to the second position in a number of futures traded in Bitcoin.
A new dawn for OKEx
According to data collected on Skew Markets, which listed OKEx BTC futures today, the total value of BTC Futures traded in the past 24 hours on OKEx crossed the 2 billion mark on Wednesday to stand at 2.23 billion dollars traded contracts. This comes days after being added on the crypto data analytics company, surpassing Binance, bitFlyer and Huobi in the process.
— Jay Hao (@JayHao8) November 27, 2019
The spike in OKEx’s BTC futures comes at a time the price of BTC is heavily struggling to stay above the support level at $7,000. Currently, the top crypto trades at $7,133 USD, as at the time of writing.
A rising BTC market, are futures the savior?
Looking at the daily candle charts, the price of BTC looks set to boost new resistance levels in the coming days. Bulls have started to take control of the market as price bounced off the support level at $6,500 USD on Nov 24 to trade at $7,100, representing the first time the price has had three successive green candles since hitting $10K in October.
With the futures and spot volume remaining relatively stable during the drop-in price a couple of analysts see this as a bullish move for the token.
A shaky market for BTC/USD
The BTC price has generally been bearish since the 2019 mid-year bull run which pushed it past the $10,000 mark since 2018. However, the most recent bear run over the weekend is so far the strongest downtrend this year. This bearish market clearly scared crypto HODLers who rushed to liquidate their digital assets as soon as BTC established a new support level below the $9,000 mark.
As of press date, BTC is trading at $7,133 which is an increase of 1.47% within the past 24 hours. The Satoshi crypto still dominates the crypto market capitalization with $131 billion out of the total 197 billion; this represents a whopping 66% of liquidity in digital currencies. With the BTC halving scheduled for May 2020, crypto analysts have different opinions on how the market will react.
One school of thought is optimistic that the event will surge the BTC price and consequently crypto market performance. Their counterparts, however, speculate that the halving will not affect the price of BTC despite its supply-demand dynamics designed to increase Bitcoin’s value over the years.
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Source: Coin Gape