Connect with us

Blockchain News

Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020

Published

on

Bybit CEO Ben Zhou Talks Derivatives and Crypto Predictions for 2020

12 months ago, crypto derivatives platform Bybit officially launched. The Singapore exchange, which also has offices in Hong Kong and Taiwan, has enjoyed a fruitful first year, attracting users from North America, Europe, Russia and Asia. With products including BTC, ETH, XRP and EOS perpetual contracts, and a matching engine capable of handling 100,000 tps, Bybit is looking to carry its success into 2020 and beyond. CEO Ben Zhou spoke to news.Bitcoin.com about its successes, challenges, and aspirations.

Also read: Judge Rules Snowden Must Give Book Proceeds to US Government

Building a Thriving Exchange Bit by Bit

Although 2019 will go down as a successful year for Bybit according to Ben Zhou, is has not been all plain sailing up to this point. While undoubtedly a cause for celebration, a growing user base presents its own difficulties – particularly since Bybit prides itself on no overloads or downtime, plus round-the-clock multilingual customer support.

“Keeping up with the growth both from a technical standpoint and internal management is the biggest challenge that we have faced,” admits Zhou, co-founder and CEO of Bybit. “Because we’ve experienced over 100x growth from March ’18 to November ’19, we have had to constantly upgrade our systems to make sure we have no overloads and system lags.

Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020

“We’ve also had to stay on top of recruitment, sourcing the right talent to make sure we provide the best customer support and localization to our various markets. Thankfully, our efforts have paid off: we haven’t had any server downtimes, no overloads during volatility and low latency trading.”

New Frontiers in a Highly Competitive Market

In a bid to attract yet more day traders to its platform, Bybit has recently added Korean as a supported language, with English, Chinese, traditional Chinese and Japanese already in place. This internationalist outlook is very much at the heart of the business, which is looking to expand into new foreign markets in the New Year.

“We’re planning to move into the Thai, Vietnamese and Spanish markets as well as Turkey in 2020,” says Zhou, who spent seven years managing the Greater China region at Forex brokers XM before launching Bybit. It’s experience which makes his view on China’s attitude towards blockchain all the more interesting. In October, President Xi said the country had to “seize the opportunities” presented by blockchain. And that’s exactly what it appears to be doing, with over 500 blockchain projects already registered with the government.

Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020
Ben Zhou

“China is going full force with blockchain technology and will soon openly embrace the technology in many public channels,” Zhou predicts. “At the same time, the government is cracking down on illegal ICOs and scams, which is a positive thing for the whole space in China. The purge will get rid of the scam projects and leave the ones that are actually contributing to the space.

“Bybit has never had an ICO and doesn’t accept any fiat currency. We also banned Chinese IPs in compliance with the government until we get clear indicators that the laws and regulations have changed.”

Decentralization and Derivatives

If 2019 was the year of defi lending, 2020 could well be the year of defi derivatives. The Synthetix protocol has already gained traction, being described as a decentralized iteration of the popular derivatives exchange BitMex. Does Zhou see decentralization as a path Bybit may go down?

“We plan to commission our research team to delve into blockchain technology and brainstorm how we may apply it to the derivatives market. This is an exciting new initiative that could bring about some really novel changes. The team will conduct in-depth market analysis and report on the whole industry to provide more value to the space. Who knows, we might even decentralize part of the exchange or wallet to start with.”

Taking such steps could be a necessity rather than a luxury; while the crypto derivatives market is still relatively new, it is heating up. Binance recently took an equity stake in FTX exchange, having acquired JEX back in September. Huobi and Okex are also looking to cement their positions in the market. In the year to come, Zhou intends to add functionality and promote education to ensure Bybit stands out from the crowd.

From Kucoin Spotlight to OK Jumpstart: International Exchange Offerings Analyzed

What’s in Store for 2020?

“One of the main things we are excited about pushing in the first quarter of 2020 is a linear contract. That would be in addition to our current inverse trading contracts. The linear contracts will be settled in USDT with portfolio margin functionalities to allow full account-wide usage of the available margin, and allow users to utilize the unrealized PnL as margin for more positions.

“On top of this, we’ll also offer the ability to hedge within the position area. So instead of merging the long and short as is the case with our inverse contract, we’ll separate the long and short positions and allow traders to have both at the same time.”

Although blogs about crypto derivatives are easy to come across, Zhou says full-fledged educational resources don’t exist – and it’s an oversight he intends to rectify.

“Honestly, I haven’t seen any systematic programs that focus on derivatives traders from Beginner to Advanced, and this is something we’d like to offer our traders so that everyone has the opportunity to learn and grow.

“We’ll soon be launching a space where expert traders, thought leaders or just savvy crypto enthusiasts can share and educate fellow traders in one space. In the long term, we want to create value for our traders beyond just trading, and we hope to create a community that is actively engaging and educating one another.”

Bitcoin.com Exchange Lists More Tokens for Trading

Audacious predictions are par for the course in the crypto space, but given the many famous fails we’ve witnessed in the past decade, the focus for CEOs like Zhou must be on getting the basics right: growing their user base, keeping funds and data safe and providing outstanding customer service. This is something he appears to acknowledge, while issuing solid predictions for the coming year:

BTC will once again be the strongest in 2020, whereas altcoins will continue to rely on BTC’s price stability to see any significant growth. Tokenized securities will need a massive breakthrough if they are to live up to the hype while shitcoins will continue to fade into oblivion. Ultimately, I am very bullish about crypto in the long run.

What are your crypto predictions for 2020? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Bybit CEO Ben Zhou on Crypto Derivatives and Market Predictions for 2020 appeared first on Bitcoin News.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Bitcoin News

NEO Price Prediction: Long-term (NEO) Value Forecast – June 2

Published

on

  • The long-term outlook is in a bullish trend.
  • The 1.618 in the fibs at $19.17 is the bulls target in the long-term.

NEO/USD Long-term Trend: Bullish

Supply zone: $20.00, $30.00, $40.00
Demand zone: $2.00, $1.00, $0.50

NEO continues in the uptrend in its long-term outlook. The strong pressure on the cryptocurrency by the bulls’ comeback at the 61.8 on 18th May has kept price up with new high each week. $12.59 and $15.04 in the supply area were the highs on 20th and 30th May respectively.

The new week is started on a bullish note with today’s opening candle at $13.72 higher than last week opening price at $11.45, an indication that the bulls are more in the market.

Price is above the two EMAs that are fanned apart which suggest strength in the trend and in this case the uptrend.

The journey to 1.618 of the fib extension with price at $19.17 in the supply area is the bulls target in the long-term as the bullish momentum increase and more bullish candle open and closed above the two EMAS.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Argentina Using Bitcoin To “Skirt Capital Controls” – Economist Alex Kruger

Published

on

  • One BTC’s trading at $9,143 USD in Argentine exchange Ripio
  • Argentina’s black market peso fell 4.56% to an all-time low of 76.75 against USD
  • President Alberto Fernandez says Argentina is in virtual default, compares its economic solution to the 2001 crisis

Argentina is recording its highest volume week ever on LocalBitcoin, a peer-to-peer Bitcoin exchange platform. Although it has been at the highest volume in terms of the Argentine peso, the volume in terms of BTC is still small versus 2016.

In early April 2016, it hit its peak at 228 BTC, however, at that time, the value of 1 BTC was around $420. Today, 1 BTC is worth more than $7,365.

Source: Usefultulips.org

As per crypto exchange Ripio, the current value of 1 BTC is $548,197 Argentine peso which equals over $9,143 USD, trading at a premium of 23.5%.

On LocalCrypto, however, this is not the case as there are only about one hundred traders in Argentina in the past month. The Argentine peso is 25th by volume on the platform, reported LocalCryptos, but last month they added Bitcoin and could see these low volumes changing soon.

Capital Controls driving the need for Bitcoin?

Matt Ahlborg of UsefulTulips said, “Argentina had its highest volume day ever on Localbitcoins yesterday as capital controls on dollars increased earlier this week.”

Today, Argentina’s black market peso fell about 4.56% to an all-time low of 76.75 against the US dollar, pushing it further away from the official spot rate, which has been held steady by strict capital controls imposed in September.

Argentina’s new Cabinet chief, Santiago Cafiero said a new bill that is sent to Congress will hike taxes on goods and services purchased in US dollars to as high as 30%.

The move aims to stabilize peso that has lost over 80% of its value over the past four years, that fanned high levels of inflation, under former president Mauricio Macri.

On Sunday, new president Alberto Fernandez said Argentina is in virtual default, comparing its economic solution to the 2001 crisis. The country is currently in recession and its economy is expected to shrink by 3.1% in 2019.

“It is not the same as 2001, but it is similar. At that time poverty was at 57 percent, today we have 41 percent poor people; then we had a debt default, today we are in virtual default,” Fernández said in an interview.

Economist Says, That’s Not the case

Could it be that Argentineans are finding safety in Sats? According to economist and trader Alex Kruger, this is not the case.

“Bitcoin in Argentina is not used for safety, but as a temporary vehicle to skirt capital controls,” he said.

In September, he pointed out how the LocalBitcoin chart showing “exploring volumes” has been in the local term that has been because of the peso devaluation and not because Argentines are using the flagship cryptocurrency to “escape the economic crisis.”

In one of his recent tweets, he shared the findings of a poll he ran where he asked Argentine bitcoiners the reason behind their BTC purchase.

Out of the 3,000 people contacted, only 100 reverted that revealed only 10% bought BTC to protect themselves from the devaluing Argentine peso. The majority 80% is in it just for long or short term speculation.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Here’s Why the Bitcoin Price Has Crypto Traders Railing at Bart Simpson

Published

on

Bitcoin’s contemporary worth actions have crypto buyers in all places railing at Bart Simpson for roiling the marketplace. Below, we’ll provide an explanation for why, however first, let’s check out the flagship cryptocurrency’s actions lately.

Bitcoin Price Trades Sideways

Bitcoin worth motion has now not modified a lot since our previous analysis. The virtual forex continues to pattern within a slender channel. Whether or now not this channel is a bull flag can’t be decided simply but. The best certain factor within the present pattern is bitcoin’s talent to carry onto positive aspects it made all through February 8’s spectacular bull run.

As of Thursday afternoon, the bitcoin-to-dollar rate (BTC/USD) used to be buying and selling at $3,576, down a modest 0.02 % because the Asian consultation open. Both the amount and volatility are decrease because the earlier upside run. That reasonably hints that the bitcoin worth is last in in opposition to its subsequent large transfer. Nevertheless, the intervening time bias struggle has made it tricky to are expecting which course bitcoin would pursue within the coming days: downward, sideways, or upward.

Bitcoin Divided Between Bart Simpson and Bull Flag

[embedded content]

[embedded content]

The ongoing bitcoin worth motion has first introduced us earlier than the very well-known Bart Simpson. Yep, that Bart Simpson who may be our bearish indicator for lately – no pun meant. But earlier than we reside additional, let’s take a look on the symbol within the tweet beneath:

Technically talking, a Bart Simpson development happens when a sideways motion follows an sudden spike in worth, after which the fee drops again once more – all of sudden. The worth motion suits the form of Bart Simpson’s head.

In the present bitcoin worth motion, the BTC is midway becoming the definition of the Bart Simpson development. A complete Bart will broaden if the cryptocurrency undergoes a unexpected bearish correction, such that it erases its earlier positive aspects. Should that occur, bitcoin is taking a look at a drawback goal in opposition to $3,355. That’s what a immediately Bart Simpson head can do.

bitcoin, Btc USD, bitcoin price

BITCOIN 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

But the glass is part complete. The bitcoin worth has now not fully invalidated the bull flag formation, which turned into a central level of debate in our earlier research. The BTC/USD price remains to be consolidating within just a little descending channel, which might imply there’s nonetheless an opportunity that the pair would lengthen its upside momentum.

A retest of the descending channel resistance, coupled with an building up in quantity, will ascertain a bull flag. Then, bitcoin will be capable of ruin above the mentioned resistance to set the following upside goal in opposition to the crimson line at the most sensible (within the chart above). From a broader standpoint, this higher crimson trendline makes the resistance of a medium-term symmetrical triangle. Have a glance:

bitcoin, Btc USD, bitcoin price

BITCOIN 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

 Bitcoin Price Intraday Targets

As lengthy because the bitcoin worth remains within the descending channel, we can stay our bets within the vary. That being mentioned, a jump from strengthen would have us open a protracted place in opposition to resistance. Simultaneously, a pullback from resistance would have us input a brief order in opposition to strengthen.

We will keep away from putting breakout goals for lately.

Instead, we’ll go away you with one thing to chunk on:

[embedded content]

[embedded content]

Bart Simpson Image from Shutterstock. Charts from TradingView.

<![CDATA[

]]>

Like what you learn? Give us one like or proportion it for your pals
original post…

Continue Reading

Bitcoin News

Early Bitcoin Adopter Throws Cold Water On Halving Narrative; Here’s Why

Published

on

As NewsBTC has covered over the past few weeks, a debate has erupted around Bitcoin’s impending block reward reduction. Informally known as the “halving” or the “halvening,” every four years the number of BTC issued per block (every 10 minutes or so) gets cut in half, resulting in a negative supply shock on the market.Analysts are currently divided over whether or not it will affect the underlying BTC price in a positive way — we just published another report on why the halving isn’t priced in from a derivatives perspective.While bulls have a good argument due to the Stock to Flow model popularized by pseudonymous quantitative analyst PlanB, a prominent early Bitcoin adopter recently came out in the side of bears, arguing that the halving will not help BTC investors.Related Reading: Bitcoin Price Likely to Jump After Christmas; Here’s Why“First Bitcoin Startup Investor” Bashes Halving NarrativeRoger Ver, an early Bitcoin evangelist who invested in Blockchain.com, Bitcoin.com, BitPay, amongst other crypto companies, recently remarked that he sees a “very real possibility the price of Bitcoin Core (BTC) does not go up after the halving.” This comment was made echoing a remark made by Melem Demirors of CoinShares, who cited financial derivatives as a potential dampener on the positive effects of the halving.The now Japan-based Ver, trying to build out his own thesis on the matter, remarked that he thinks the price won’t up because ” the blocks are full and there is no room for additional commerce to take place on chain.” With this, he is seemingly referring to the sentiment that the economic activity of a chain will affect the price of the asset that is based on top of it.There is a very real possibility the price of Bitcoin Core does not go up after halving.For the first time, the blocks are full and there is no room for additional commerce to take place on chain.Bitcoin Cash on the other hand, has
an amazing future ahead. https://t.co/z4tC7jij7d
— Roger Ver (@rogerkver) December 26, 2019 Related Reading: Why Did Youtube Crack Down on Crypto Channels? Lawyer Weighs InVer Thinks BCH Will Beat BTCVer’s latest comments on the Bitcoin halving come shortly after he remarked in two mainstream media interviews that he expects for BCH to rapidly appreciate against BTC.Per previous reports from NewsBTC, the cryptocurrency entrepreneur and investor told CNBC in an interview that he thinks the market capitalization of Bitcoin Cash is poised to appreciate by over a “thousands of times where it currently is because it’s looking to become peer to peer electronic cash for the entire world.” For some context, BCH would be trading $191,000 apiece if it was trading 1,000 times higher than what it is trading at now.He doubled down on this opinion in an interview with Forbes, saying that he expects for BCH’s market capitalization to supplant that of BTC:“Bitcoin.com is partnering with more household names to bring BCH usage to actual commerce for real people and real businesses. As that adoption of BCH-based commerce grows, so will its market cap.”While Ver has belief in this sentiment, not everyone is convinced that Bitcoin Cash will outperform BTC by that much, if at all.In the wake of his aforementioned interview on CNBC, the crypto community erupted, pledging not to take Ver’s rhetoric lying down. Dan Hedl, a long-time Bitcoiner and industry executive/entrepreneur, wrote on Twitter:“Hey @JoeSquawk whats up with this reporting on bcash by CNBC? Roger is saying factually incorrect information about adoption and identity.”Related Reading: Is the Bitcoin Halving Priced In? No Way, and Here’s WhyFeatured Image from Shutterstock

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Canaan’s New 5-Nanometer Chips to Escalate ASIC Arms Race With Bitmain

Published

on

Chinese mining application-specific integrated circuit (ASIC) manufacturer Canaan will launch new, improved mining machines with 5-nanometer chips in Q1 2020.

Chinese industry news outlet 8BTC reported on Dec. 24 that the new ASICs will have significant advantages compared to the previous generation. The new firm’s 5nm manufacturing process is expected to improve performance, power and area scaling.

A significant development

The company expects to scale the production of this new product series faster than it did with its 7nm chips. The number of nanometers refers to the size of the features of the silicon chip, 5nm approaches what is possible with conventional electronics. For scale, 1nm is approximately equivalent to the width of two silicon atoms.

As the features in chips become smaller, it becomes possible to fit more transistors in a silicon die of the same size. At the same time, the electric current has to travel less distance in the circuit to perform a calculation, which means that efficiency is improved and the amount of heat is decreased when the features are smaller.

Canaan is one of the few cryptocurrency-related companies that managed to go public with a $90 million Initial Public Offering (IPO) held in November. As Cointelegraph recently reported, the firm’s shares have seen a 40 percent drop in value since the IPO.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Copyright © 2022 The Crypto Report