Binance to shut down crypto derivatives trading in Europe

Troubled global cryptocurrency exchange Binance continues moving fast in curbing services to respond to the ongoing regulatory scrutiny worldwide, partly shutting down derivatives trading. Binance officially announced Friday that it would suspend its derivatives trading across the European region, starting with Germany, Italy and the Netherlands. The company clarified that users in mentioned countries cannot open new futures accounts on Binance effective immediately. We’re continually evaluating our products and working with our partners to meet our users’ needs. Today we’re announcing that we plan to wind down our derivatives products…

PayPal set to launch crypto trading in the UK and may embrace DeFi

Global payments platform PayPal is looking towards the United Kingdom as the next market in which to expand its crypto trading services. According to the company’s second-quarter earnings call on Wednesday, PayPal has done very well out of crypto trading for the period. CEO Dan Schulman stated that the U.K. is likely to be the next country where crypto trading is offered. “Yeah, well, we continue to be really pleased with the momentum we’re seeing on crypto. […] We’re going to launch, hopefully, maybe even next month in the U.K.,…

ETH’s trading volume grew much faster than BTC’s in first half of 2021

The world’s second-largest crypto asset has gained ground on Bitcoin in terms of trading volume growth during the first half of this year according to a new report. Ethereum’s trading volume grew faster than Bitcoin’s in the first half of this year according to a new report from leading U.S. crypto exchange Coinbase. The Coinbase Institutional H1 2021 in Review report, released on July 26, acknowledged that the first half of this year has been one of the most active periods on record for crypto, with several new all-time highs…

Crypto derivatives exchange Bitget to list USDC as collateral for margin trading

Derivatives exchange Bitget is set to become one of the first exchanges to list USD Coin (USDC) as collateral for trading crypto derivatives. The development comes courtesy of a strategic collaboration between the Singaporean crypto derivatives trading service and USDC stablecoin issuer Circle, as reported by Crowdfund Insider on Monday. Bitget will support USDC margin for Quanto Swap Contract trading as part of the partnership, a move the exchange says will provide more liquidity for the market. USDC now joins Bitcoin (BTC), Ether (ETH), EOS, and XRP as accepted margins…

Yahoo! Japan works with Line to launch NFT trading

Major Japanese internet company Yahoo! Japan has partnered with messaging giant Line to launch nonfungible token (NFT) trading. Line officially announced Tuesday that its cryptocurrency-focused subsidiary LVC Corporation would collaborate with Yahoo! Japan to enable secondary trading of NFTs issued on Line’s proprietary blockchain. As part of the partnership, Yahoo! Japan would place Line blockchain-based NFTs on its online auction service Yahoo! Auctions, a service set up by the company back in 1998 to compete with e-commerce giant eBay. To enable NFT trading on the platform, the two partners would…

Cryptocurrency is ‘pure trading instrument,’ hedge fund CEO says

Not all hedge fund managers are sold on crypto as Man Group CEO Luke Ellis has compared cryptocurrencies to tulip bulbs. Speaking to the Financial Times, Ellis remarked that the utility of crypto comes from its volatility, thus presenting the asset class as a viable trading opportunity. According to the CEO of the world’s largest publicly-traded hedge fund: “If you look at cryptocurrencies as a whole, it is a pure trading instrument. There is no inherent worth in it whatsoever. It is a tulip bulb.” Despite being an outmoded comparison,…

Binance to delist EUR, GBP and AUD margin trading pairs

Global cryptocurrency exchange Binance continues restricting support for some of its trading services amid an ongoing regulatory crackdown. Binance officially announced Monday that the exchange would delist margin trading pairs for three fiat currencies, including the Euro (EUR), the Australian dollar (AUD) and the British pound sterling (GBP). According to the announcement, Binance will suspend mentioned fiat trading pairs on Aug. 10 and then switch to automatic settlement and cancel all related pending orders. The isolated margin trading pairs will be entirely delisted from the exchange by Aug. 12. Binance…

FTX reduces max leverage from 101x to 20x to encourage ‘responsible trading’

Crypto derivatives exchange FTX has decided to curb risky trading by limiting the leverage available to its users. The exchange, founded by crypto billionaire Sam Bankman-Fried (SBF), has reduced the maximum leverage available on the platform down to 20x, a significant reduction from its previous limit of 101x. In a July 25 tweet announcing the updated leverage limits, Bankman-Fried said that the decision was made in light of the exchange’s efforts to “encourage responsible trading.” He asserted that leveraged trading is not a significant part of the exchange’s overall volumes,…

This classic trading pattern signaled that Bitcoin price had hit a top

Traders tend to focus too much on timing the right entry to a trade, but very few focus on developing a strategy for exiting positions. If one sells too early, sizable gains are left on the table and if the position is held for too long, the markets quickly snatch back the profits. Therefore, it is necessary to identify and close a trade as soon as the trend starts to reverse. One classical setup that is considered reliable in spotting a trend reversal is the head-and-shoulders (H&S) pattern. On the…

‘Buy now pay later’ firm Zip plans to offer crypto trading in Australia and the US

Australian ‘buy now pay later’ (BNPL) firm Zip is looking to enter the crypto market by offering trading services to users within the next 12 months. Zip co-founder Peter Gray told Reuters on July 22 that expanding support for crypto trading services and providing a digital wallet was one of top requests from its clients. The co-founder kept his cards close to his chest however and didn’t outlay a specific roadmap or timetable to get there. “We know our younger generation of customers seek additional products and services that are…