Trading Venusbet Archives

Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff

Bitcoin’s dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.

Bitcoin’s (BTC) dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.

The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.

Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world’s largest and most liquid cryptocurrency.

“Bitcoin’s relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur),” pseudonymous crypto trader and analyst @52kskew tweeted.

BTC’s dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital’s Lewis Harland.

Tether, the world’s largest dollar-pegged stablecoin, also likely benefitted from Saturday’s risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.

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Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%

FLEX holders can convert their tokens for OX at a ratio of 1:100.

Bankruptcy claims exchange OPNX has issued a new governance token dubbed “Open Exchange token” (OX), which is designed to reduce trading fees on the platform.

The platform’s existing native token, FLEX, surged by 16% after it was revealed in the whitepaper that FLEX can be converted for OX at a ratio of 1:100.

OX is an erc-20 token that has a maximum supply cap of 9.86 billion, at press time around 100 people have either minted or bought the asset, according to etherscan.

OPNX was off to a rough start after going live in April. The exchange was co-founded by CoinFLEX executives and Kyle Davies and Su Zhu; the two people behind defunct hedge fund Three Arrows Capital (3AC). 3AC left a massive hole in the crypto ecosystem after it went bust last year.

Trading volume and subsequent liquidity on the platform failed to inspire in the first weeks as it stumbled out of the blocks, however, buoyed by the release of OX – OPNX surged to a record high of $17 million in trading volume over the past 24-hours.

Similar to exchange tokens like FTT and BNB, which essentially act as a pre-payment of trading fees, OX holders will receive incremental discounts relative to how much trading volume they execute on the platform.

The OX token was trading at $0.0115 with a market cap of $7.7 million, based on a calculation using circulating supply figure on the flexstatistics website.

StanChart-Backed Zodia and LMAX Digital to Provide CoinShares With #prizmabet Crypto Trading Infrastructure

LMAX Digital and Zodia Custody are to provide institutional-grade trading infrastructure and custody to CoinShares.

A trio of European cryptocurrency firms are teaming up to bolster their digital asset trading offering to institutions.

Crypto exchange LMAX Digital and Standard Chartered-backed custodian Zodia Custody are to provide institutional-grade trading infrastructure and custody to digital asset manager CoinShares (CS.ST), according to an emailed announcement on Wednesday.

CoinShares will make use of LMAX’s trading capabilities and Zodia’s Interchange product, which allows clients to keep their assets on its platform, while their holdings are mirrored and available on an exchange for trading.

The three firms’ aim is to offer institutional adopters with the trading infrastructure, security and governance that they would expect in the traditional finance world, thereby assuaging concerns about the digital asset industry heightened by the events of the past year.

“This joint effort with Zodia Custody and LMAX Digital is aligned with our long-term strategy,” CoinShares CEO Jean-Marie Mognetti said. “We are committed to shape a reference standard for digital asset management.”

Edited by Parikshit Mishra.

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Crypto Derivative Volumes Rose in March for Third Straight Month

A report noted an increase in spot DEXs offering derivatives trading on their platforms.

Crypto derivatives trading volumes across both centralized and decentralized exchanges rose for a third consecutive month in March, the first three-month streak since at least January 2022, according to figures from CCData.

Crypto derivatives are financial contracts such as futures and options that relate to cryptocurrencies. They are popular because they allow market participants to hedge their positions or to speculate on market direction.

Derivatives trading accounted for about 74% of the roughly $4 trillion crypto market volume last month, the data show. While the bulk of derivatives trading took place on centralized exchanges, decentralized exchanges accounted for $68.7 billion, with dYdX taking a 62.6% share.

“We expect decentralized derivatives protocols to continue performing well and gain market share in the next quarter,” said CCData in a report.

There has been an increasing trend of spot DEXs adding derivatives trading to their platforms as they notice the potential of derivative DEXs, according to CCData.

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In March, DEX PancakeSwap announced it was partnering with ApolloX to introduce trading of perpetual swaps. Quickswap, a decentralized exchange built on Polygon, is also launching perpetual products soon, CCData said.

Edited by Sheldon Reback.