Binance Marks Another Record in Futures Trading
Binance is now among top exchanges, aiming to compete with BitMex.
Binancerenewed its bid to line up among the biggest players in the crypto space. The exchange’s recently launched futures markets once again marked a record day, and Binance is now the second-biggest market after the behemoth of BitMex.
https://twitter.com/skew_markets/status/1184312201579880450
Binance took the second spot in the chart after a record day of trading above 86,000 BTC.
https://twitter.com/AG_Binance/status/1184363970242572288
The futures markets remain highly liquid and offer exposure to BTC and more dramatic price bets, without relying on the relatively smaller spot markets. The futures market with its new BTCUSD pairing once again established the leadership of Binance, only adding to its relatively large array of products.
The Binance exchange continues its expansion within the crypto ecosystem, but the futures market may be the most dramatic marker of growth. The settling mechanisms of Binance may also attract traders who are skeptical of the BitMex position liquidations.
Binance is also growing much faster in comparison to the Bakkt futures market, which is constrained by mainstream financial rules.
In addition to the futures trading record, Binance keeps growing its product portfolio. Recently, Binance entered a partnership with AMUN AG, to launch the first exchange-traded product based on Binance Coin (BNB).
The Binance Launchpad drive also continues, with the next token selection scheduled for a BNB session.
https://twitter.com/binance/status/1184406211401113604
Kava Labs (KAVA) will also set aside $150,000 worth of coins to airdrop to participants that did not get a winning ticket.
Binance IEOs keep attracting significant interest, although the success of those assets is questionable a few months down the line. Binance has warned that adding a token to its IEO platform does not guarantee returns, and recently removed some pairings from older IEO tokens.
BNB trades around $18.48, after a small correction on Wednesday, with volumes remaining above $250 million in 24 hours. Binance still gets a boost from the BTC trades, with some altcoin pairs losing their appeal.ChainLink (LINK), an asset usually getting a boost from its presence on Binance, is now down again, losing 15% on a weekly basis to $2.33.