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Binance Futures 1st Anniversary Trading Tournament Over $1.6M to be Won

[PRESS RELEASE – Please See Disclaimer] 7 September 2020, 8:00am UTC– Binance Futures is hosting its 1st Anniversary Trading Tournament with over $1,600,000 USD in BNB tokens to be won. The tournament follows Binance Futures’ 1st Anniversary Video Competition. Binance Futures has become the global leading crypto derivatives trading exchange in under a year, providing […]

The post Binance Futures 1st Anniversary Trading Tournament Over $1.6M to be Won appeared first on CryptoPotato.

Republished by Plato



[PRESS RELEASE – Please See Disclaimer]

7 September 2020, 8:00am UTC– Binance Futures is hosting its 1st Anniversary Trading Tournament with over $1,600,000 USD in BNB tokens to be won. The tournament follows Binance Futures’ 1st Anniversary Video Competition.

Binance Futures has become the global leading crypto derivatives trading exchange in under a year, providing users with 60 futures contracts and 12 leveraged tokens, the most varied range of futures pairs in quantity and variety.

Binance’s market share in altcoin futures grew as high as 41% in August 2020, with one of its highest single-day altcoin futures volume with over $5.8 billion traded. Volume on Binance Futures also increased by 79% month-on-month to $195 billion, its highest monthly volume since inception.

The 1st Anniversary Trading Tournament will be hosted from 2020/09/07 0:00:00 AM (UTC) to 2020/10/06 0:00:00 AM (UTC), and prizes from the 30-day event include:

  • Team BTC Profit Rewards: prize pool of up to 1,350,000 USD in BNB
  • Team BTC Profit Comeback: prize pool of up to 150,000 USD in BNB
  • Daily Lucky Draws: 75,000 USD in BNB to be given away
  • Top 20 Most Popular Team Leaders: bonus pool of 51,000 USD in BNB

Team BTC Profit Tournament Prize Pool

To promote friendly competition and collaboration in our community, this will be a team-based tournament. The dynamic prize pool amount will be determined by the number of participants so we encourage more participation from the community to help us reach the maximum total prize pool of 1,500,000 USD.

Here is how the dynamic prize pool will work:


Team BTC Profit Rewards: Awarded 90% of the Dynamic Prize Pool

All teams that trade in COIN-margined “COIN-Ⓜ” and USDT-margined “USDT-Ⓜ” contracts on Binance Futures during the competition period will be ranked based on their total BTC Team Profit performance, calculated as the sum of the top 10 individual BTC profit results within the team.

BTC will be used as the statistical unit of P&L in this tournament, and P&L from COIN-Ⓜ Futures contracts will be multiplied by 2 (two) to calculate the final P&L to determine the rankings.


Team BTC Profit Comeback: Awarded 10% of the Dynamic Prize Pool

Teams that do not qualify for Profit Rewards can qualify for the Profit Comeback prizes. All teams will be ranked by their “comeback score”, which is calculated as the difference between each team‘s lowest P&L ranking at any time during the tournament period and each team’s final P&L ranking at the end of the tournament period.

The teams with the top five comeback scores will share 10% of the dynamic prize pool:


The prize distribution within the winning Profit Reward and Profit Comeback teams is as follows:

  • Each Team leader will receive 30% of their team’s total reward.
  • The top 10 individual USDT profit contributors in each team will equally split 20% of their team’s total reward.
  • All other team members will equally split 50% of their team’s total reward.
  • Note that only team leaders and team members with 5 BTC or more in futures trading volume during the competition period will receive a split of team rewards.

Bonus Pool for Top 20 Most Popular Team Leaders

To recognize the leadership and guidance of tournament team leaders, Binance will further reward a total of $51,000 in BNB tokens to the top 20 teams with the most number of teammates with 5 or more BTC in trading volume each during the tournament. So the more team members you have as a team leader, the higher chances you have of winning. The rewards are:


Daily Lucky Draws – 75,000 USD in BNB to be won

Users with a minimum total trading volume of 0.5 BTC across any COIN-Ⓜ and USDT-Ⓜ contracts in each daily qualifying period will be entered into a lucky draw, where 50 lucky winners will be randomly selected to each win 100 USD in BNB.

There are a total of 15 daily qualifying periods, the first of which will begin on 2020/09/21 at 0:00:00 AM (UTC). Each daily qualifying period runs from 0:00:00 AM (UTC) to 11:59:59 PM (UTC). The details are as follows:

  • Step 1: Complete trading volume of 0.5 BTC across any COIN-Ⓜ and USDT-Ⓜ contracts in each daily qualifying period.
  • Step 2: Qualified participants can click on the lucky spinning wheel found on the activity landing page at approximately 2:00 AM (UTC) on the following day.
  • Step 3: The winners of each lucky draw period will be displayed on the activity landing page at approximately 2:00 AM (UTC) on the third day.
  • Note: Users will need to click the lucky spin within 22 hours of receipt during the following day.

Competition & Registration Dates

Team leader sign-up period: 2020/09/07 0:00:00 AM (UTC) to 2020/09/21 0:00:00 AM (UTC).

Team member sign-up period: 2020/09/07 0:00:00 AM (UTC) to 2020/10/06 0:00:00 AM (UTC).

Competition period:  2020/09/07 0:00:00 AM (UTC) to 2020/10/06 0:00:00 AM (UTC).

For more information, please visit the trading tournament website.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.



Tim Draper Handpicks Netflix as the Next Company to Purchase Bitcoin

Republished by Plato



Popular venture capitalist and Bitcoin bull Timothy “Tim” Draper predicted that major online streaming platform Netflix could be the next company to join the bitcoin buying bandwagon.

Next Bitcoin Investor Could Be Netflix

Speaking in a recent episode of the Unstoppable Podcast, Tim Draper stated that Netflix could be the next in line to add bitcoin to its balance sheet. According to him, the company’s co-founder and co-CEO, Reed Hastings, makes Netflix a likely bitcoin investor. Draper buttressed his point, saying:

“I think Reed Hastings is a very innovative guy and has a lot of creative thinking and I think he still controls the reins at Netflix. And so I think that might be the next big one to fall.”

Meanwhile, the venture capitalist mentioned social media giant Facebook, as well as other major companies like Apple, and Google, as likely candidates to invest in bitcoin. However, Draper noted that the companies were instead trying to create a centralized currency of their own.

Draper also stated that if he was the chief financial officer (CFO) of any major organization, he would advise the company to allocate a portion of their portfolio to bitcoin. According to the BTC proponent, bitcoin served as a hedge against inflation.

Since Tesla’s billion-dollar bitcoin investment, there have been speculations about which company would emulate Tesla’s move. Increased institutional interest in bitcoin is largely responsible for BTC’s bullish momentum. Meanwhile, Firms like Microstrategy and Square recently added to their bitcoin holdings.

Amazon Likely to Accept Bitcoin as a Payment Method?

Apart from pitching Netflix as the next possible bitcoin investor, the venture capitalist stated that the retail giant Amazon could start accepting bitcoin. Adding that, people could use the flagship cryptocurrency to purchase products on Amazon.

Back in February, there were reports that Amazon was looking to introduce a new project that would enable customers to convert cash into digital currency. While the project would launch in Mexico, the company did not state what digital assets it would support, although there were speculations that the company may not use popular crypto-assets like BTC or ether.

While also speaking on bitcoin’s price target, Draper said:

“The current currency holdings around the world in dollars is about $100 trillion and bitcoin’s market cap is just reaching a trillion now. So there’s no reason it can’t go up a 100 fold. It’s not like it is going to completely replace the dollar. Although I think people are going to laugh when they are trying to buy things with dollars in the future.”

The venture capitalist made a prediction earlier in 2020 that the price of bitcoin would reach $250,000 by the end of 2022 or early in 2023.

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

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Ripple is committed to San Francisco, says co-founder Chris Larsen

Republished by Plato



In October last year, Ripple co-founder Chris Larsen said that the firm may consider relocating to other countries citing the lack of regulatory clarity in the United States. Since then, many have speculated where the firm’s new headquarters will be located. However, amid a lawsuit with SEC regarding an alleged illegal securities offering, and XRP’s dwindling price, Larsen made a new announcement recently that stated that the firm was here to stay. 

Speaking to The San Francisco Chronicle, co-founder said that Ripple’s global headquarter will remain in San Francisco. He added: 

We’re committed to the city. It’s got the most diversity, creativity…it’s got the critical mass.

Earlier, CEO of Ripple, Brad Garlinghouse, hinted at a possibility that Ripple could move out of the US, given its “lack” of a regulatory framework. He stressed that the country was “out of sync” and needed to implement a clear regulatory framework regarding crypto.

At the time, the CEO said that he was considering whether Ripple would benefit from relocating to a country where regulations were more clear. He admitted to being impressed by how the UK and other G20 nations including Singapore, Japan, and the UAE had “clear regulatory frameworks” that allowed for “healthy markets to develop.”

Meanwhile, another leading crypto firm in the neighborhood has decided to do away with its headquarters altogether. Coinbase CEO Brian Armstrong said that amid the firm’s work from home policies they choose not to have a base in San Francisco, but will continue to keep their offices open. Stating that the company is “decentralized” the CEO added:

As we’ve moved to a remote first environment, we realized that we no longer have a headquarters located in any one city.

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3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Republished by Plato



On Feb. 20, Ether (ETH) price rallied to a new high at $2,015 and this caused multiple indicators to display signs of excessive optimism. While the excitement could be easily justified by Ether’s  year-to-date 176% gain, these warning signs should not be ignored.

On of the primary driving factors of the current bullish sentiment is the launch of CME ETH futures and Grayscale Investments ETH Trust reaching $6.3 billion assets under management. The DeFi phenomenon also continues as there is currently more than $21 billion worth of Ether locked in DeFi.

Crypto Fear & Greed Index. Source:

Currently, the Crypto Fear & Greed Index is at 93, indicating “Extreme Greed” according to its methodology. Many traders use the metric as a counter trading signal, meaning, the extreme fear level can be a sign that investors are bullish and a buying opportunity is present. In contrast, when investors are getting too greedy, it could be a sign that the market is due for a correction.

Unlike the excessively leveraged retail traders, the more experienced market makers and whales hs been skeptical of the never-ending rally in Ether. Regardless of the rationale for the price peak, the 36% price correction that followed was accelerated by large liquidations.

Ether futures contracts aggregate liquidations. Source:

The liquidation of $2 billion in long futures contracts from Feb. 19 to Feb. 23 represented 28% of the total open interest. Thus, one should expect significant deterioration in market sentiment, as depicted on the previous Fear & Greed indicator.

Surprisingly, none of that happened on the Ether derivatives markets, as both futures contracts premium (contango) and the options skew remained bullish.

The futures premium held very healthy levels

By measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market.

The 3-month futures should usually trade with a 10% or higher premium versus regular spot exchanges. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates that the market is turning bearish.

OKEx 3-month ETH futures basis. Source:

The above chart shows that the indicator peaked at 39% on Feb. 20 as Ether touched its all-time high. Nevertheless, it has kept above 16% during the entire correction down to $1,300. This data shows that professional traders remained confident in Ether’s price potential.

The options skew remained neutral-to-bullish

When analyzing options, the 25% delta skew is the single-most relevant gauge. This indicator compares similar call (buy) and put (sell) options side-by-side.

It will turn negative when the put options premium is higher than similar-risk call options. A negative skew translates to a higher cost of downside protection and indicating bullishness.

The opposite holds when market makers are bearish, causing the 25% delta skew indicator to gain positive ground.

ETH options 25% delta skew. Source:

Over the past month, there hasn’t been a single incident of a sustainable positive delta skew. Therefore, there is no evidence that option traders demanded more significant premiums for downside protection.

This data is very encouraging, considering that Ethereum faced a heavy sell-off but the futures and options metrics discussed above held bullish levels during the downturn.

As Ether managed to recover quickly from its recent $1,300 dip, investors gained further confidence that the uptrend had not been broken.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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