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EMX Exchange Halts Trading of USOIL-Perp After Crude Oil Crash

In brief: Everyone was shocked when US Oil prices hit zero and global futures contracts fell hard into negative territory.  Such an event had not been anticipated by the team at the EMX exchange.  The team halted trading of its USOIL-Perp contract.  Trading of the perpetual contract is yet to be reopened as the team decides on a way forward. Yesterday’s price movement of US Crude Oil shocked everyone. The majority of traders were confident that the price of the […]

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In brief:

  • Everyone was shocked when US Oil prices hit zero and global futures contracts fell hard into negative territory. 
  • Such an event had not been anticipated by the team at the EMX exchange. 
  • The team halted trading of its USOIL-Perp contract. 
  • Trading of the perpetual contract is yet to be reopened as the team decides on a way forward.

Yesterday’s price movement of US Crude Oil shocked everyone. The majority of traders were confident that the price of the precious commodity would not break the various support zones that were last seen in the 1980s. However, the WTI Crude Oil chart went right through the decades’ strong support zones at $15, $12 and $9. The price per barrel went to zero as futures contracts went into negative territory as low as $-40.

EMX Exchange Halts Trading of its USOIL-Perp

Such a scenario of negative prices of US Oil futures contracts had not been anticipated by the team at the EMX Exchange. As a result, the team decided to halt the trading of its USOIL-Perpetual contract. The screenshot below shows that trading was stopped at 18:00 (UTC) on the 20th of April. The last price of the USOIL-Perp contract was $3.48. This is after its value almost hit zero.

EMX Exchange Halts Trading of USOIL-Perp After Crude Oil Crash 14
USOIL-Perp Chart courtesy of EMX.com

Unexpected Sequence of Events

As earlier mentioned, very few traders and investors had anticipated that the price of US Crude Oil futures contracts would go into negative territory. The team at EMX has also explained that such a scenario had not been planned for. They have since issued the following statement via Twitter explaining the situation at hand.

We are currently investigating ways to move forward with USOIL-PERP due to negative underlying prices, an edge case that we had not built for.

Additionally, the team has halted withdrawals as they verify all transactions. They explained this in a follow up of the first announcement.

For those of people who concerned about withdrawal, we are manually verifying all transactions and everyone should get it back within 1-3 business days. We apologize for the inconvenience.

What’s Next for USOIL-Perp Traders on EMX?

As the stoppage only affects the USOIL perpetual contract, trading of other contracts on EMX is still much active. However, traders who anticipated the Crude Oil meltdown and decided to go SHORT, might have to wait till the team at the exchange decides on a way forward.

More About EMX Exchange

Founded in 2017, the Evermarkets Exchange (EMX) has a vision of revolutionizing the global derivatives markets. The exchange does this by allowing users to trade contracts on equities, currencies, commodities as well as popular cryptocurrencies. The latter includes perpetual contracts on Bitcoin (BTC), Ethereum (ETH), EMX token, ChainLink (LINK) and Tezos (XTZ).

(Feature image courtesy of Erwan Hesry on Unsplash.com.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Source: https://ethereumworldnews.com/emx-exchange-halts-trading-of-usoil-perp-after-crude-oil-crash/

Blockchain

MATIC Price Analysis: Weekly and 4 Hr Chart Analyses Reveals Buy Signal for Polygon

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Polygon recently set a new record for highest bounty paid in DeFi. The team at Polygon paid a two million US dollar worth of bounty to Gerhard Wagner, a white hat hacker who discovered a crucial vulnerability that had put around 850 million US dollars’ worth of capital at risk.

So what type of vulnerability could this be? Well, it’s a double-spend bug, a type of bug that could have tuned catastrophic for the Polygon ecosystem.

Bullish/Bearish Scenario

  • The bear-trap candlestick formation on the weekly time frame, alongside the buildup of bullish divergence on the 4HR time frame, shows that the bulls are back in control.
  • A breakdown of the 1.152 support implies a bearish takeover.

Important Weekly Polygon (MATIC) Announcements

  • Immunefi, a bug bounty, and security platform acknowledged that the bounty is the highest that has been paid in decentralized finance [DeFi].
  • Another exciting announcement in the Polygon ecosystem is the PECO-Polygon Ecosystem Index, which makes it possible for participants to bet on the performance of Polygon [MATIC] projects. The PECO Index is a single token that captures the best native projects on @xPolygon.

Without any further delay, Let’s analyze the MATICUSDT price chart.

Polygon (MATIC) Price Analysis:  MATICUSDT Weekly Chart 

Following the path of most top altcoins in the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation while trading within a rising and expanding wedge.

Although the crypto pair still trades below its all-time high, higher RSI readings above level-25 tell us that we are still in an uptrend and we may soon see a surge in demand for the MATIC token.

Polygon (MATIC) Price Analysis:  MATICUSDT Daily Chart 

A recent regular bearish divergence on the daily chart above shows that we may soon see a slowing and possible correction of current gains.

Failure of RSI values to breach below level-25 would suggest a continuation of the current uptrend.

Polygon (MATIC) Price Analysis:  MATICUSDT 4 Hr Chart 

As the RSI prints higher values above level-25 on the daily time frame, the 4HR time frame confirms entry into the uptrend with an exit of the oversold area [level-25] with the recent entry of oversold at press time.

Regular and hidden bullish divergence setups are instrumental for the previous trend reversal and current trend continuation we see on the above intraday chart.

An impending hidden bullish divergence at press time may be sufficient for the bulls to find a price floor above the 1.491 support and restore the MATIC price into new highs.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/polygon-matic-price-analysis-intraday-hidden-bullish-divergence-signals-trend-continuation-for-maticusdt/

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Blockchain

Harmony’s ONE Token Targets $1 After Breaking All-Time High

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/harmonys-one-token-targets-1-after-breaking-all-time-high/?utm_source=main_feed&utm_medium=rss

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Blockchain

NEAR Announces $800M in Development Grants

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://cryptobriefing.com/near-announces-800m-in-development-grants/?utm_source=main_feed&utm_medium=rss

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