The world of digital assets and blockchain technology has drastically changed over the past few years. Cryptocurrencies such as Bitcoin, Ethereum, XRP, etc have become household names and the gateway to these assets are exchanges. Most importantly, the idea of decentralized exchanges has picked up the pace, and currently, the space is extremely competitive between different platforms to provide the most convenient services in cryptocurrencies.
As mentioned earlier, the competitive edge in the industry is at its peak with multiple platforms trying to facilitate a unique and convenient user experience for targeted audiences.
The benefit of building decentralized exchange with blockchain technology is transparency. Being based on a blockchain ensures transparency in how the exchanges operate. Every trade is generally recorded on the blockchain, which makes it easy to detect abnormalities. The decentralized exchange could not make fake assets or transaction volume to fool users. Every trade in ByteBulls exchange could be queried through the ByteTrade block explorer and thus ByteBulls provides the full on-chain transparency and allows trustless participation for various industry players.
Leading blockchain technology: ByteTrade blockchain was officially released in July 2018, which is a high-performance cross-chain public network that is aimed to aggregate the liquidity among different blockchains. Cross-chain decentralized exchange: One of the main reasons why decentralized exchanges have not been widely adopted because most of the top exchanges only allow their users to trade assets residing on a single chain. This limits the options for a user who has been trading with Ethereum or Ethereum based-tokens cannot access other assets such as Bitcoin, Litecoin, etc.
ByteBulls White Label Decentralized Exchange solutions stand out in this situation as its ByteTrade Blockchain is well-positioned to tackle such interoperability issues. The decentralized exchange leverages the capabilities of ByteTrade blockchain, so the decentralized exchange can support multiple blockchain assets. Currently, you can trade BTC, ETH/ERC20, LTC, BCH, DASH, DOGE, EOS,ETC, XLM, XRP, and other mainstreaming or customized blockchain assets.
Automatic on-chain match: ByteTrade is a dual-chain system and it has a settlement chain and a matching chain. It means that the match engine of the exchange is built on the blockchain as well, so orders are matched automatically on the blockchain to avoid front-run issues.
The overall speed of a blockchain network is determined not only by the blocktime, but also by the confirmation speed of each block. Since subsequent block confirmation is not required under the Consensus-Before-Packing mechanism, a giant leap in network speed is achieved, with the blocktime rate at 1 block/s.
It ensures the ByteBulls decentralized exchange has a fast trading speed. Plus, all transactions could be retrieved in the ByteTrade block explorer.
Fast and scalable: ByteTrade consensus algorithm ensures the fast trading speed, which is the same as centralized exchange. The scalability of the ByteTrade blockchain ensures that the TPS could be scaled to meet any trading volume.
Start your own Decentralized Exchange within a week!
The main allure of ByteBulls white label solution is the fact that they combined the feasibility and convenience of a centralized exchange, with the security and independence of a decentralized platform. With the help of ByteBulls white label solution, entrepreneurs can start an operational exchange in 1 week.
1. Shared liquidity: All exchanges that are built on the ByteTrade blockchain will share the liquidity pool for the same trading pair.
New exchanges will be full of orders from day one by sharing order book depth and liquidity from ByteTrade 500,000+ users around the globe. Similarly, as a trader, your orders could also be made available to multiple exchange platforms at once.
2. Agile and Fast Deploy Experience: 1 Domain + 1 Logo = Massive Users and Revenue
No backend server needs to be maintained by clients because everything is handled and processed by ByteTrade blockchain which owns 11 server clusters around the world. It saves you a team of engineers.
3. Lifetime Warranty, Maintenance, and Support:
ByteBulls has a team of professional blockchain experts and software engineers to provide you the support when necessary. ByteTrade Blockchain is upgraded regularly to ensure the technology is always leading. 24/7 technical support is provided to all clients and applies free upgrade of website and applications at least twice per year to client products.
4. Diverse crypto solutions to meet different requirements:
ByteBulls offers the advanced trading platforms for clients to launch their crypto exchange without border limitation, the Token Sales Platform that helps clients sell tokens or conduct ICO/IEO/TGE events to raise funds, and also a matrix of Decentralized Applications such as utility apps and gaming apps to help entrepreneurs enter the blockchain business world whichever angle they prefer.
ByteTrade blockchain already provides a secure decentralized wallet system, however, to enhance the security of users’ accounts and assets better, Bytbulls has added the two-factor authentication. ByteBulls also has a monitoring program and automatic alarm and utilizes AI-powered intelligence to enhance security, risk, and compliance strategies.
ByteBulls White Label Solutions aim to help entrepreneurs launch their crypto business easier and faster.
Although providing the industry-leading technology, product, solution, and service, ByteBulls fee is relatively low. The fee is just 20% or 30% of other competitors in the industry. ByteBulls would like to build and maintain a long term and healthy partnership with their clients. ByteBulls fee structure consists of a small amount of setup fee + reasonable transaction fee revenue share. Compared to building an exchange, the ByteBulls team thinks it is more difficult to operate an exchange successfully. While imparting knowledge of exchange operations to customers, they will provide different solutions to meet different clients’ business requirements and achieve different goals.
Please contact their expert consultants to evaluate your business requirements and get a detailed quotation.
The future of ByteBull is extremely positive considering the white label solution is not resting on its current laurels. The exchange has a fast-growing partnership model in Europe, Africa, North America, and South America, and it is likely to grow into other regions as well. The main objective of aggregating global liquidity on a cohesive blockchain solution is visionary and the organization is on a right track.
Disclaimer: This is a paid post and should not be considered as news/advice.
What’s the tipping point for Bitcoin Futures on top derivatives exchanges like the CME, an exchange that has recorded a daily trading volume of over $300M and Open Interest of over $400M, consistently, for the past 3 months.
Well, a small shift in Open Interest or trading volume can have a cascading effect on Bitcoin Futures’ performance in the next 180 days. Such a shift will be influenced by several factors, and it begins at the tipping point. Three factors, to be more specific.
In the current phase of Bitcoin’s market cycle, these factors are more relevant for traders on derivative exchanges. This becomes more evident when the Liquidations chart for BitMEX is observed. Over the past 3 months, sell liquidations have paid for buy liquidations. However, over the last few days, this trend has been reversed, and buy liquidations have covered for sell liquidations on BitMEX.
The point here is to detect the source of the domino effect before the dominoes start falling. In the case of Bitcoin Futures, the tipping point may be closer than anticipated.
One of the top factors influencing the tipping point is the Law of the Few.
The Law of the Few states that “the success of any kind of social epidemic is heavily dependent on the involvement of people with a particular and rare set of social gifts.”
In the case of Bitcoin, institutional investors, derivatives traders, and whales fit the bill. The success of Bitcoin Futures in the global trading community heavily relies on institutional investors trading on CME. In fact, the daily trade volume and Open Interest on CME influence the trading sentiment across spot exchanges as well.
The last time a cascading effect was witnessed was when BTC Futures’ Daily Trading Volume hit $445M on CME and there was a rally all the way up to $614M. At the time of writing, the Daily Trading Volume was up 63.3%, when compared to the figures 6 months ago, and it has the potential to hit $614M with one move in the right direction.
This effect heavily relies on another key factor – The Stickiness Factor.
Back in 2017, when Google search results for “Bitcoin” and “Crypto” broke the record, the trading community witnessed a historic Bitcoin bull run and altcoin rally. Institutional interest and growth of Bitcoin derivative products ensued. A similar event transpired when Bitcoin Futures’ aggregated daily volume hit $184B on 27 July 2020. This event was a unique occurrence, and it made Bitcoin Futures stick in the portfolio of the average institutional investor and the derivatives trader.
The aggregate trade volume hasn’t dropped to pre-July 2020 levels since then. Despite drops in Bitcoin’s price on spot exchanges, Futures contracts continue to trade at a premium and there is more optimism. Volume is not directly impacted by Bitcoin’s price and when the spot market is riddled with bearish sentiment, long contracts continue feeding shorts on BitMEX. This stickiness is a driver of the aforementioned tipping point.
Inching closer to the tipping point, the powerful context is the rise of stablecoins and their instrumental role in lowering the barrier to entry on spot and fiat-crypto exchanges.
Over the past three months, stablecoins like USDT have added $100M in volume every day and their market capitalization and dominance have risen tremendously. In fact, Tether has also crossed a market capitalization of $15B.
This directly influences the tipping point for Bitcoin Futures as it makes Futures trading more accessible to traders. Bitcoin held on exchanges has nearly doubled over the past month, corresponding to an increase in Tether’s market capitalization and circulation. This resonates with derivatives traders who opt for physically-settled Bitcoin Futures contracts on exchanges like Bakkt. In fact, on Bakkt, the daily trade volume was upwards of $80M for the past week, while the Open Interest has been consistently above $10M.
All of these factors are highlighting a shift in derivatives traders’ strategy, while also underlining increased activity on derivatives exchanges. The race to the tipping point has begun – An increase in aggregate trading volume on physically-settled Futures contracts or CME may trigger the much-awaited domino effect.
Tron was observed to have hit a strong zone of resistance, before being rejected and pushed to the downside, at the time of writing. In fact, such bearish momentum appeared likely to continue for TRX. At a time when Ethereum was increasingly being criticized for high Gas fees and a congested network, it could have been Tron’s moment to shine, but things didn’t pan out that way at all.
Further down the charts, Synthetix continued making lower highs in its downtrend while VeChain broke out upwards after a few days of relative calm.
TRX was seeing oversold conditions a few days ago when its RSI hit a low of 23, before ascending just past 50. However, the RSI was unable to remain above 50, and its drop beneath the level highlighted the fact that TRX’s recent 12% surge from $0.263 to $0.296 was merely a bounce.
TRX found a zone of strong resistance at $0.3 and looked likely to drop towards the support at $0.265.
Interestingly, a recent Reddit post has raised questions about JustSwap’s vetting process, claiming that the Tron Foundation has whitelisted a DeFi project that has since pulled a $2 million exit scam. This, despite DappRadar listing the project as “high-risk.”
Synthetix underlined the possibility of dropping lower on the charts. The Directional Movement Index did not yet show a strong trend, but ADX (yellow) was inching towards 20 and could move further north. Also, the rising -DMI (pink) denoted a bearish trend.
Over the past week, every SNX bounce off the level of support has been overwhelmed by selling pressure. This can be expected to continue. With the price registering lower highs, the way down remained the path of least resistance for SNX.
The next level of support after $4.23 lay at $3.36, representing a 20% depreciation.
VeChain showed bullishness in the market after a period of consolidation. The Bollinger Bands expanded to indicate heightened volatility, while the price broke out towards the upper band. At the time of writing, the price was staying above the 20-period moving average, a moving average that could be tested as support as VET steadily climbs toward its resistance around the $0.158 zone.
The breakout was also accompanied by high trading volumes, legitimizing the breakout.
The Seoul Metropolitan Police Agency has summoned the chairman of Bithumb for interrogation regarding the alleged fraud. The chairman of the firm, Lee Jung-hoon has been accused of a lot of fraud activities. The fraud is related to the failed listing of the BXA token and defrauding the investors.
As revealed in earlier reports, this token has been promoted as the native token of Bithumb. However, the token has never been launched or listed on any platform. Due to the promotion of a fake token, Lee is now involved in a huge fraud, which includes the damages of around $25 million funds of the investors.
Seoul Police Conducted Initial Investigation at Bithumb Office
It needs to be mentioned that this police raid did not happen all of a sudden as earlier also Seoul police had investigated this case. The initial investigation that police conducted was on September 02, 2020 at the office of Bithumb. Lee has also been accused of using the investors fund purchasing the properties overseas or some other offshore investments.
According to the latest report, Kim Byung-gun who is another chairman of Bithumb, is also accused of getting involved in this BXA fraud along with Lee. However, the Seoul Police did not send any summon for investigation to Kim regarding this case.
Police Siezed The Shares Related to Lee
Along with this summon, the police has also siezed a lot of shares of the Bithumb Holdings that belonged to Lee. Not only this, the firm is also help responsible for a data breach incident which took place in 2017. Even though the exchange is accused of different allegations, it is still holding quite a firm position in the South Korean market. Not only in South Korea, it is still counted among the top ten largest crypto exchanges across the world. The daily trading volume of the exchange is around $250 million, which might be due to its huge user base.