BitMEX in limelight to launch crypto-derivative products – Crypto Options and ETHUSD perpetual swap trades on board

Despite the crypto market downturn which began after the news of the US Securities and Exchange Commission’s (SEC) delayed decision on an ETF product approval, bitcoin has been seeing a lot of developmental activities also. This time on BitMEX (Bitcoin Mercantile Exchange). For the second time in last two weeks, BitMEX hits a daily turnover of 1 million BTC again! BitMEX has also announced the launch of two derivatives products, namely, ETHUSD perpetual swaps and UPs & DOWNs to meet market demand on the back of the above-mentioned sensational news - 

1. ETHUSD perpetual swap product:Based on the success of BitMEX’s XBTUSD swap product, clients can now trade ETHUSD price at leverage, while dodging issues with settlement and large amounts of basis inherent to typical futures products. Within one week of launching, this product is now one of the most liquid instruments globally to trade the Ethereum/USD pair.

Arthur Hayes, CEO and founder of BitMEX, says that “the ETHUSD perpetual swap and UPs and Downs represent new and exciting territory for BitMEX and an unprecedented opportunity for the crypto community to experiment with more sophisticated financial instruments on an easy-to-use and highly secure trading application.”

1. “UPs and DOWNs”lets BitMEX users take advantage of call and put options. UPs, or Upside Profit Contracts, work similarly to traditional stock call options by giving token holders the right to purchase crypto-coins on BitMEX at a specified price for a predetermined period of time. DOWNs, or Downside Profit Contracts, act like traditional put options, letting token holders sell a crypto-coin on the platform at a specified price.

With futures, swaps, and now options available on BitMEX, the world’s largest crypto exchange is making great strides toward offering a wealth of derivative products designed for the sophisticated crypto-coin investor and the wider industry. And, these derivatives instruments can assist in mitigating risk while ensuring liquidity. Remember, it’s not meant for trading or speculative grounds always.

BTCUSD price has slide below $6,500 mark and & 7-DMAs with lingering bearish momentum.

Currency Strength Index: FxWirePro's hourly BTC is inching at -95 (which is bearish), USD spot index is flashing at 60 levels (which is bullish), while articulating (at 11:28 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex