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Blockchain

FTX Exchange: a Guide to FTT

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A lot of people enter the cryptocurrency space looking for ways to expand the ability of their idle assets to generate further profit. This exact same motivation has moved people to entertain the option of participating in derivatives exchanges today. FTX is one of these projects providing that service.

Right now, FTX shows a promising future with the backing of a lot of crypto and trading personalities and consistently high daily trading volume. FTX is a novel addition to the derivatives exchanges space and is still unavailable to traders in the United States.

Table of Contents

Background

Sam Bankman-Fried, CEO of FTX, founded the team behind the platform back in 2018. Sam had acquired a lot of trading experience from his stint as a trader at the Jane Street Capital’s ETF desk. He also founded Alameda Research, a prominent quantitative trading and liquidity provider. Alameda is working with FTX in keeping its order book and 24/7 OTC services running.

The exchange was launched in May 2019, and it was backed by big investors such as Binance, FGB Capital, One Block Capital, and Proof of Capital, among others.

Alameda Research also happens to be behind the new high-throughput decentralized exchange Serum.

Introduction to FTX

FTX is a crypto-derivatives exchange platform offering its users access to popular trading products like leveraged tokens, perpetual swaps, prediction markets and Bitcoin options.

Along these offerings, FTX also links traders to opportunities for spot trading. To promote liquidity and ease of access, the platform also enables transfers from fiat-to-cryptocurrency, such Bitcoin, Ethereum, and a select set of stablecoins.

The target of the platform is pretty inclusive as well. A user does not have to be an above-average or exceptionally-experienced trader to get started. Any retail and institutional trader can access the platform and the range of products and services that are tailored fit for them.

Apart from all these services, FTX has an Over-The-Counter (OTC) service that allows users to buy digital assets listed on the platform conveniently.

Main Features of FTX

FTX has gained a lot of support from the crypto community as well as traders because of its advanced trading offers.

Among its most popular products are leveraged tokens and MOVE contracts. These are all available to any type of trader at low fees with very low spreads.

  • Cryptocurrency Swaps – The platform can convert supported fiat currencies like USD, EUR, CAD, and others, to cryptocurrencies. For added convenience, the platform can process credit card deposits as well. 
  • High Leverage – Traders can access up to 101x leverage for their transactions, allowing them to generate the best profit from their assets.
  • Stablecoin Conversion – The platform supports the conversion of fiat or digital currencies, such as stablecoins, using a single margin wallet.
  • Advanced Trading Services – Traders can enjoy the platform’s deep liquidity and orderbook, limitless withdrawal, access to liquidation funds, and its OTC desk.
  • Customer Service – To support traders throughout their transactions and usage of the platform, FTX established a customer support system designated to assist users for their concerns.

FTX’s Main Trading Products

FTX offers a wide range of products and services for all kinds of traders. Users can access futures and leverage trading, as well as spot trading. Most of these products can be customized by traders according to their own risk appetite and desired exposure.

Futures Contracts

FTX provides a quarterly and perpetual futures product covering the biggest cryptocurrencies in the space today. It also includes Index Futures that lets traders access more markets conveniently.

Leveraged Tokens

FTX offers access to 101x leverage to traders. Users can tap more than 45 leveraged tokens, including BULL and BEAR tokens. Traders can easily manage their portfolio through rebalancing and maintaining their target leverage.

MOVE Contracts

MOVE contracts are futures that mature depending on the change in BTC prices within specified time periods. FTX offers the service to those who want to trade based on the volatility of BTC, as the contract’s value is primarily determined by the movement of BTC’s value.

Bitcoin Options

FTX provides BTC options to users as well. Traders can access this product if they want to long or short positions on BTC with leverage. Users can configure strike prices and expiration times according to their own assessments.

Spot Markets

The traditional way of purchasing and trading cryptocurrencies is also available on the platform. Most cryptocurrencies in the space are available in FTX’s platform, such as BTC, ETC, USDT, BNB, LINK, and others.

Prediction Markets

FTX also launched a prediction market pegged on the outcome of the US Presidential Election this coming 2020. Futures contracts tied to the product will mature and start to open for trading as soon as the results are out.

FTT Token

FTT Token is FTX’s native, utility token. FTT can be used to pay for trading fees, and they are also given to holders as a reward in the form of fee discounts and redistributed returns from FTX insurance fund.

FTT can also be used to join FTX’s Battle Royale (BR) trading competition. It is a month-long competition consisting of five rounds that last one week each. Traders must hold FTT and earn high returns on the platform. Stakers can also just stake their FTT on the most profitable traders if they prefer to.

The competition rewards the biggest traders, stakers, and staked traders with their share in FTT prize pool.

Conclusion

In the crypto space, there are a lot of products that claim to offer huge profit for accessing their services. But what actually separates these exchanges apart from each other is the quality of service they are offering. FTX, founded by a team of traders, belongs to one of the platforms which is actually made for traders.

No one has to be an expert trader to use the FTX platform. And because of it, mass adoption is not a distant objective that the team behind it can reach. Above FTX’s liquidity and its wide range of products, its support for customers make it an ideal platform for any trader who just got into the trading space.

Source: https://www.asiacryptotoday.com/ftx-guide/

Blockchain

Iran To Lift Cryptocurrency Mining Ban In September

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In 2019, the Iranian government announced it would regulate mining activities in the country. Interested miners were required to get a permit from the Ministry of Industries. Semnan province leads with six mining farms out of the 30 licensed companies. After legalizing bitcoin mining, the government licenced over 1000 companies in January 2022.

Ban on Crypto Mining Activities

The Iranian government banned bitcoin mining in the country in May 2021. The ban announced by the former president Hassan Rouhani was due to a strain on electricity power majorly caused by illegal mining. While authorised bitcoin miners consume modest 30 megawatts, illegal mining activities use up to 2000 megawatts putting a strain on the electricity grid. 

Since April, the ministry of Energy has also increased power tariffs for miners. The companies buy power at export rates of $0.34 per kilowatt-hours. This cost is fourfold the standard rate before April. Besides prohibiting bitcoin mining, the government has confiscated 200 000 illegal mining rigs in 12 months. 

A Reason To Smile 

The good news is that miners have a reason to smile. The Iranian Ministry of Industries, Mining and Trade will lift the Bitcoin mining restriction on September 22. The announcement was made by the Iran Power Generation, Distribution and Transmission Company, Tavanir. According to the Utility spokesman, Mostafa Rajabi Mashhadi, they expected electric power usage to fall by the end of summer. This will create perfect conditions for resuming bitcoin mining. After announcing this news, the price of Bitcoin slightly jumped and is now according to CoinCheckup.com traded at $43,626, similar growth has also been according to coincheckup.com recorded for a relatively new coin called Solana, which now hovers around the 150 USD mark.

Power demand in the country goes up during hot weather. Initially, the government had planned to shut down mining activities during peak hours. However, they decided to impose a nationwide ban until the end of the summer season. Besides using massive power, the Utility claims the miners damage the power grid, with losses amounting to $4 million. 

Government Control on CryptoCurrencies 

The Iran government has gone a notch higher to control and centralise the use of cryptocurrencies in the country. The parliament has proposed a bill that will prohibit using foreigner mined cryptocurrencies for local transactions. This move seems like a plan to localize crypto mining. Recently, the tax agency in the country also called for the establishment of a legal framework for crypto trading activities. This regulation will boost the scope of the crypto acceptance policy.

Positive Effect on Economy 

Bitcoin has become a significant source of income for the country. Elliptics guide’s projection shows that mining activities in Iran will rake in $1 billion in annual revenue.  However, the ban has affected this goal significantly. However, the resumption of mining will solve this problem.

Miners who had dispersed will resume operations, a factor that could inject more revenue into the economy. With the crackdown of bitcoin mining in China, lifting the ban in Iran could propel the country to the top spot in crypto mining. 

Iran is also facing sanctions from the US government. This means that MasterCard, PayPal and other international payment technology can’t operate in the country. This has made it very difficult for Iranians to conduct online international transactions such as online purchases and money transfers. The bitcoin mining ban exacerbated the situation. Therefore resumption of mining activities is welcome good news. Iranians consider cryptocurrency as an investment and payment method.

Bitcoin mining is quite an essential activity in the circulation, development and maintenance of its blockchain ledger. In other words, mining more bitcoin boosts its circulation. Although bitcoin price is pretty much unpredictable, the resumption of mining activities in Iran will increase competitiveness and encourage crypto enthusiasts to invest more in bitcoin. Despite the high volatility and restriction by the international banking system, bitcoin has immense growth potential. 

Source: Plato Data Intelligence

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Blockchain

Ethereum Token Circulation Hit Levels Last Seen in June Amid ETH Realized Cap Reaching ATH

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Ethereum has been experiencing an uptick in different activities, despite the crypto market bleeding triggered by factors like a major liquidity crisis witnessed by leading Asian property developer China Evergrande.

The amount of unique tokens moving on the Ethereum network, known as token circulation, is uptrending. On-chain metrics provider Santiment said:

“Ethereum’s token circulation soared yesterday to its highest level since June 22nd. If signs of ETH utility and tokens being moved continue to rise, the price will generally follow.”

Image

Santiment noted that this was a bullish sign because the price would soon follow suit if token circulation were on an uptrend.

Ethereum has been stamping its authority in the financial market. Reportedly, the second-largest cryptocurrency based on market capitalization recently topped traditional markets.

Ethereum realized capitalization reaches a record high

According to crypto analytic firm Glassnode:

“ETH realized cap just reached an ATH of $168,760,319,570.33. Previous ATH of $166,629,459,955.06 was observed on 20 September 2021.”

Realized market capitalization is a metric calculated by valuing each supply unit at the exact price it last moved on-chain or at the last time it was transacted. 

As a result, it does not calculate coins that remain unmoved because cryptocurrencies can be lost, unreachable, or unclaimed. This contrasts with the standard market capitalization that values every supply unit evenly at the current market price. 

Meanwhile, Ethereum transaction volume hit a monthly high, thanks to continued adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs). For instance, ETH locked in DeFi edged closer to a new ATH of $8 million. 

 

Image

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

This industry took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt because it has become a billion-dollar industry valued at $81.85 billion.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://Blockchain.News/analysis/ethereum-token-circulation-hit-levels-last-seen-in-june-amid-eth-realized-cap-reaching-ath

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Blockchain

Ethereum Token Circulation Hit Levels Last Seen in June Amid ETH Realized Cap Reaching ATH

Published

on

Ethereum has been experiencing an uptick in different activities, despite the crypto market bleeding triggered by factors like a major liquidity crisis witnessed by leading Asian property developer China Evergrande.

The amount of unique tokens moving on the Ethereum network, known as token circulation, is uptrending. On-chain metrics provider Santiment said:

“Ethereum’s token circulation soared yesterday to its highest level since June 22nd. If signs of ETH utility and tokens being moved continue to rise, the price will generally follow.”

Image

Santiment noted that this was a bullish sign because the price would soon follow suit if token circulation were on an uptrend.

Ethereum has been stamping its authority in the financial market. Reportedly, the second-largest cryptocurrency based on market capitalization recently topped traditional markets.

Ethereum realized capitalization reaches a record high

According to crypto analytic firm Glassnode:

“ETH realized cap just reached an ATH of $168,760,319,570.33. Previous ATH of $166,629,459,955.06 was observed on 20 September 2021.”

Realized market capitalization is a metric calculated by valuing each supply unit at the exact price it last moved on-chain or at the last time it was transacted. 

As a result, it does not calculate coins that remain unmoved because cryptocurrencies can be lost, unreachable, or unclaimed. This contrasts with the standard market capitalization that values every supply unit evenly at the current market price. 

Meanwhile, Ethereum transaction volume hit a monthly high, thanks to continued adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs). For instance, ETH locked in DeFi edged closer to a new ATH of $8 million. 

 

Image

DeFi is founded on blockchain-based smart contracts that fulfil certain financial functions based on the underlying code. 

This industry took the world by storm in 2020 after its value grew by fourteen times. Its presence in the crypto space continues to be felt because it has become a billion-dollar industry valued at $81.85 billion.

Image source: Shutterstock
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://Blockchain.News/analysis/ethereum-token-circulation-hit-levels-last-seen-in-june-amid-eth-realized-cap-reaching-ath

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AI

Rich Dad Poor Dad’s Author Now Invests in ETH After BTC and Gold

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During a period of major corporate and institutional interest in the crypto industry, nearly 5,000 new tokens have emerged in the last 12 months, averaging over 10 new coins per day, new data shows.

Cryptocurrency Boom of 2021

As can be observed on CoinMarketCap’s homepage, the number of existing cryptocurrencies has recently surpassed 12,000. This is well over the approximately 7,100 coins recorded by the site in September of last year, meaning that at least 4,900 new digital assets have been created in the last 12 months alone.

This represents the largest YoY surge in the absolute number of cryptocurrencies since Bitcoin’s inception. During this time, the digital asset industry achieved a total market cap of over $2 trillion.

Interest in crypto creation is largely driven by Bitcoin’s price gains in the past year, as well as increasing institutional involvement in the space.

As household names like Elon Musk and Jack Dorsey show support for the industry and its possibilities, both creative and financial interest continues to be drawn into the space. This further bolsters the markets, inspiring developers to work on their own cryptocurrencies to avoid missing out on potential gains and demand.


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Furthermore, digital assets have garnered high interest as an asset class for hedging against inflation – especially during the economic crisis created by the coronavirus pandemic. While September of 2020 saw stock markets plunge, cryptocurrencies mostly held their value. This may have inspired even more creators to start investing and developing in the emerging asset class.

Is This a Good Thing for Crypto?

Through increased interest and technological development is crucial to the crypto industry’s growth, an ever-growing number of coins may be counterproductive or even dangerous.

For example, SEC chair Gary Gensler is only more skeptical of the space due to the vast number of tokens in existence. Recognizing that there is no room for thousands of different currencies, he plans to further regulate the industry to protect investors before some of them inevitably collapse.

Indeed, many of these tokens seem like dangerous investments – if not outright scams. Over $25 million were lost to crypto scams among Australians only in the first half of 2021

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Source: https://coingenius.news/rich-dad-poor-dads-author-now-invests-in-eth-after-btc-and-gold-27/?utm_source=rss&utm_medium=rss&utm_campaign=rich-dad-poor-dads-author-now-invests-in-eth-after-btc-and-gold-27

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