In late January, subsidiary Matrixport and leading derivatives exchange Bit.com announced the launch of open-ended bitcoin cash swaps and options. Since then, the daily 24-hour volume has exceeded expectations and has doubled every day since.
In recent years, a number of derivatives exchanges have traded leveraged futures contracts on bitcoin (BTC) and ethereum (ETH). This was followed by the addition of perpetual swaps and options based on these crypto assets. Many believe that the imminent launch of ETH-based futures contracts on the main futures market run by CME Group has significantly driven up the price of Ether.
Recently, Bit.com announced that the team would be adding perpetual swaps and options based on Bitcoin Cash (BCH). Bit.com noted that the derivatives markets are currently dominated by BTC and ETH, but BCH is an institutionally recognized crypto asset, detailed the exchange.
Variation is one of the few products where both sides of the trade can make money – because brokers typically manage it statically, while producers manage it dynamically.
That’s exactly what we’ve been hearing lately about our BCH Options product! pic.twitter.com/z3wCwJ9Kt3
– Daniel Yang (@_D_Y_A_N) 4. February 2021
Bitcoin Cash also has almost the same, if not the same number of BTC traders, and lately BCH transactions per day have overtaken the 24-hour BTC transaction rate. While transaction fees for ETH and BTC are rising, crypto currency users can take solace in the fact that transaction fees for BCH are less than a penny per transfer.
Following the launch of BCH-based perpetual swaps and options, Daniel Yan, COO of Matrixport and Bit.com, said bitcoin cash options were in high demand. Monday: The BCH variant has been launched, Daniel Yang tweeted. Tuesday: The 24-hour volume exceeded 2000 BCH on Wednesday: Volume broken through 4000 BCH Thursday: broken through 8000 BCH. Friday: 16,000 NCBs, the head of the futures market said.
Daniel Yang of Bit.com added:
The volume of bitcoin cash] is doubling every day [on] Bit.com.
Meanwhile, supporters of Bitcoin Cash are delighted to see the volume of BCH options on Bit.com doubling daily. One particular topic regarding options volume was the subject of a post on the Reddit r/btc forum over the weekend.
One user said the news was bullish, while another BCH fan said the momentum would not stop. It won’t happen, he said. Utility [increased]. The number of users is increasing, he added.
What do you think about the fact that the volume of bitcoin cash options on Bit.com is doubling every day? Let us know what you think in the comments below.
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BCH derivatives, BCH options, Bit.com, Bitcoin (BTC), Bitcoin Cash, Bitcoin Cash BCH, Bitcoin Cash options, cryptocurrencies, Daniel Yan, derivatives, derivatives exchange, Ethereum (ETH), futures, markets, matrix port, perpetual swaps, prices, trading
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