Crypto Derivatives Exchange BitMEX Quietly Adds ETH/USD Contracts With 50x Leverage

  • Crypto derivates exchange BitMEX has recently added ETH/USD futures contracts.
  • Some traders believe this will be the most liquid ETH pair on the market, despite its quiet launch.

Cryptocurrency derivatives exchange BitMEX, which recently traded a record 1 million bitcoin in 24 hours, recently added ETH/USD futures without any major announcement. The trading pair was spotted by traders, who believe this may become the most liquid ETH/USD pair on the market.

At 11 am UTC, BitMEX’s chief executive officer Arthur Hayes announced the trading pairs to his 22,800 Twitter followers.

The futures contract let traders enter short or long positions – betting for or against the cryptocurrency – with a leverage of up to 50x. This means that with only 1 ETH, at press time worth little under $410, a trader can enter a position with 50 ETH, while risking liquidation.

The trading platform has been offering traders ETH/BTC futures for some time, but the pair doesn’t let traders easily take advantage of arbitrage opportunities or use the platform to hedge a position on the market.

High Leverage and Huge Liquidity

BitMEX notably rose to prominence for offering cryptocurrency traders leverage of up to 100x on its BTC/USD futures contracts. Given the flagship cryptocurrency’s volatility, such a high level of leverage allows traders to make unprecedented profits, or quickly see their positions get liquidated.

According to available data the exchange’s BTC/USD trading pair is the most liquid in the world, with a 24-hour trading volume of over $3.5 billion. Being a derivative, the pair is made to replicate the spot BTC market, with its perpetual contracts being physically settled once traders close their positions.

Taking this data into account, some traders now believe the ETH/USD pair may become the most liquid on the market.

As CryptoGlobe recently covered, the exchange has been adding various futures contracts to its platform. In early June it added EOS futures ahead of the cryptocurrency’s mainnet launch, with up to 20x leverage. Later that month, it added TRON (TRX) futures “due to popular demand.”

Notably, Arthur Hayes is a well-known bitcoin bull. Earlier, he revealed he sees the flagship cryptocurrency hit $50,000 by the end this year, a price prediction he stood by after bitcoin’s price fell below $5,900.

This week, speaking to CNBC’s Hayes noted he believes a bitcoin ETF will be passed by the end of this year, a decision seemingly necessary for his price prediction to come true. The CEO revealed he came to his conclusion after browsing through the US Securuties and Exchange Commission’s website.

TRON’s Justin Sun Giving Away $1.2 Million for UBI, 50,000 TRX to Telegram Group

Michael LaVere
  • TRON's Justin Sun is supporting US presidential candidate Andrew Yang's UBI by giving $1.2 million to 100 people in 2020.
  • Sun and the TRON Foundation also announced a 50,000 TRX ($75K) giveaway through the official TRON telegram group.

TRON founder Justin Sun has announced that he will be giving away $1.2 million to 100 people next year to support U.S. presidential hopeful Andrew Yang’s universal basic income (UBI) program, in addition to kicking off a 50,000 TRX ($75K) giveaway for users of the cryptocurrency’s Telegram group. 

Sun Supporting Andrew Yang’s UBI

Sun, who paid $4.6 million earlier in the year to host a charity lunch with Warren Buffett, has now pledged to give $1.2 million to 100 people in 2020. TRON's founder also announced that one of the 100 selected for the giveaway will be invited to his charity lunch, which was originally postponed after Sun came down with kidney stones. 

Sun has asked U.S. presidential candidate Andrew Yang for assistance in the selection process. Yang, who has a background in entrepreneurship, has built his campaign upon the idea of universal basic income (UBI), which would guarantee U.S. citizens a monthly stipend. In addition to championing the idea on the campaign trail, Yang has pledged to distribute $1,000 per month to 10 people for the next year. 

Sun has taken the movement a step forward, by pledging to support 100 people at $1000 per month for the entirety of 2020.

TRX Telegram Giveaway

In addition to promoting UBI and Andrew Yang’s cause, Sun also announced the start of a 50,000 TRX giveaway, worth $75K, for community members using TRON's telegram channel. According to tweets published by Sun and the TRON Foundation on Sept. 16, TRON supporters can gain TRX by joining and inviting others to the coin’s official Telegram group. 

In order to qualify for the promotion, users will need to engage in a conversation with the @TRONEnBot through the telegram application. From there, the TRX payout will be tied to the number of invited users who join the Telegram group. The first and second place prize are worth 5000 and 2500 TRX, respectively, with the remaining 32,500 TRX being split among the rest of users.

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