The Bitfinex cryptocurrency exchange derivatives platform is launched today, May 6th A new product for perpetual swaps that allows traders to speculate with the Bitcoin domain (BTC).
The domain that refers to Bitcoin’s share of total market capitalization for all cryptocurrenciesIt is a measure that many see with good eyes in the community, whether they are Altcoin developers and traders or Bitcoin maximalists.
According to Coin360 data, the dominance of BTC as of May 5 is close to 67%.
Bitcoin Dominance Perpetual Swap (BTCDOM) from Bitfinex Derivatives appears to be the first contract of its kind to be launched. The exchange claims that it is “more capital-efficient and more profitable than long or short futures trading and also less volatile”.
This last argument is convincing, as Bitcoin’s share of the total cryptocurrency market cap has varied relatively less than the spot market price.. BTC championship a year ago it was almost 58% and remained in a range between 60-70%. since late June 2019, with a remarkably quick exception on March 12, 2020.
Trading in the contract started today at 9:00 AM UTC and is still limited to dealers from approved countries..
A Bitfinex representative told Cointelegraph:
“Bitcoin has repeatedly proven to be a safe haven for traders and continues to be seen as digital gold. We have seen a huge surge since global markets collapsed in March when the COVID-19 crisis hit them. Trading volume reached within 24 hours during the March 13 decline, more than $ 2 billion. We believe that the demand for the halving will continue while supply will halve. “”
Bitfinex diversifies products even when the parent company is involved in legal action
As reported Bitfinex launched its own social network “Bitfinex Pulse” last month.to promote communication between dealers.
While the parent company iFinex was the subject of a class action lawsuit earlier this year for allegedly manipulating the market, the stock exchange further expanded its offering and introduced investment services at the beginning of April.