Cryptos Attempt To Recover

Cryptos Attempt To Recover
Back to the Metaverse

Trading volume for Metaverse tokens skyrocketed by a whopping 153% over the past week. The sudden upswing coincides with a spike in volatility where $22 billion were wiped out of the total cryptocurrency market capitalization.

MANA ranked first among the most traded Metaverse tokens with a 982.32% week-on-week increase in trading volume. Likewise, trading volumes for GALA, SAND, and ALICE surged by 138.30%, 56.28%, and 33.48%, respectively.

Bitcoin Could Face Rejection

At about $31,462.00 on Sunday, May 15th, Bitcoin appears to be rebounding after going through a steep correction.

From a technical perspective, BTC bounced off from the $26,828.20 support zone and could have the strength to advance toward the $32,853.80 resistance level.

Slicing through such an important supply wall can encourage sidelined investors to reenter the market and push Bitcoin to the next area of resistance at around $38,531.60. Still, any signs of weakness around $32,853.80 would likely result in a retest of the $26,828.20 support.

On Binance Futures, the BTCUSDT Long/Short Ratio hit 1.78 on May 15th. Traders remain optimistic about the future price action as 64.05% of all accounts with an opened position in Bitcoin are net-long.

Food For Thought
  • BUSD: All You Need To Know About the Stablecoin – Stablecoins are an important crypto asset class that has been gaining popularity with traders and investors alike. One of the few stablecoins that provides monthly audits is BUSD, making it a highly regulated asset. Learn about what BUSD is used for, the advantages BUSD has to offer, and the advancements it has made in space.
Trade Our New Listings
USDⓈ-M Contracts –

Binance Futures will launch BUSD-Margined NEAR, GMT, and APE Perpetual Contracts with up to 20x leverage between May 17th and May 19th.

Delisted Contracts –

Binance Futures conducted automatic settlement on the LUNA USDⓈ-Margined and COIN-Margined Perpetual Contracts, and the ANC USDⓈ-Margined Perpetual Contracts and delisted these contracts.

Cross and Isolated Margin – 

ANC, MIR, and LUNA were delisted as borrowable assets on Cross Margin and Isolated Margin.

Borrowable Assets 

Binance added GAL, MOB, NEXO, SRM, STX, and WOO as new borrowable assets on Gross Margin, and GAL, MOB, and NEXO as new borrowable assets on Isolated Margin.

TWAP Trading Algorithm –

With the Time-Weighted Average Price (TWAP) trading algorithm, API users on USDⓈ-Margined Futures can programmatically disperse large orders into smaller quantities, automatically executing these orders at regular intervals to minimize the impact on market prices. Try it now!

Liquidity Analysis

Binance Futures launched the Liquidity Analysis feature on the Derivatives Portal for VIP users. This section displays customized charts (Cost To Trade, Bid-Ask Spread, Book Depth) for selected USDⓈ-Margined Futures and COIN-Margined Perpetual Contracts on Binance Futures.