Futures Weekly Wrap (Aug 15th-Aug 21st): Cryptos Back to Square One

Learn How to Trade Like a Pro in Binance Live!We are hosting our first Grid Trading Livestream session in Mandarin on Binance Live on Aug 25th! One of the most prominent technical analysts in the industry will be discussing how you can automate the buying and selling of futures contracts and show you how to build a robust algorithmic trading strategy. Register Now!Chart of the WeekBitcoin at Risk At about $21,495.97 on Sunday, Aug 21st, Bitcoin sliced through a crucial support level. From a technical perspective, BTC closed below the 200-week moving average, which increases the odds of a steep correction. Bitcoin needs to reclaim the 200-week moving average as support to have a chance of recovering and surging toward the 50-week moving average. Support and ResistanceOn-chain data shows that a considerable demand barrier underneath Bitcoin at $21,002.89, where 662,317 addresses bought 320,519 BTC. The second considerable area of support is at $19,102.93, where 402,558 addresses hold 296,248 BTC. On the other hand, a significant concentration of underwater positions lies ahead of Bitcoin. Roughly 925,047 addresses had previously purchased 534,876 BTC at an average price of $23,378.73.Traders Are Optimistic On Binance Futures, the BTCUSDT Long/Short Ratio surged over the past week as prices declined and closed on Sunday, Aug 21st, at a ratio of 2.17. Traders appear to be anticipating a rebound as 68.45% of all Binance Futures accounts with an opened position in Bitcoin are net long, while the other 31.55% are net short.Weekly Market Movers* Note: DEFIUSDT is a composite index perpetual contract that consists of a basket of DeFi protocol tokens listed on Binance. It is calculated using weighted averages of DEFI tokens’ real-time price on Binance and is denominated in USDT.Find out more about DEFI Index and trade DEFIUSDT.News Roundup AFSA Approval – Binance received an In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provider of Custody in Kazakhstan. (Trade BNBBUSD)All-Time Highs – Ethereum sent to the ETH 2.0 staking contract continues to gradually increase, exceeding 13.2 million ETH while the unique depositors are just under 80,000. (Trade ETHBUSD)Vasil Hard Fork – Charles Hoskinson, the founder of Cardano, maintains it is “bizarre” to think Vasil will not be going live this year, as the upgrade is almost close to launching. (Trade ADABUSD)EOSIO Rebrands – Community-driven protocol Antelope has forked and rebranded the EOSIO 2.0 codebase through a coalition of four EOSIO protocol-based blockchains led by the EOS Network Foundation. (Trade EOSUSDT)Privacy Improvements – Monero went through a hard fork at block 2,688,88 to enhance its privacy features by integrating Bulletproofs+, a ring signature size of 16, and view tags, among other things. (Trade XMRUSDT)Highlights From This WeekTake Part in This Week’s Activities#BinanceBlockchainWeek – Binance Blockchain Week 2022 in Paris is fast approaching and Binance launched a series of online activities and giveaways to share more than $28,500 in BNB, BUSD and Travel Credits with our community Crypto WODL – The theme of this week’s WODL is Crypto Trading 101. Users who participate in this week’s WODL and get at least five correct answers will qualify for an equal share of $10,000 in BUSD token vouchers.Taker Program – Binance Futures launched the Taker Program with up to a 20% taker fee discount for all USDT-Margined Perpetual and Delivery Contracts until Aug 31st.Fee Discount – Binance Futures extended the fee discount for BUSD-Margined trading pairs for all new and existing users until Aug 31st.Content Challenge – Binance Futures launched a content challenge asking creatives to produce videos, articles, or infographics about why crypto holders should consider trading futures on our platform. Submit your content now for a chance to win 300 BUSD. Trade Our New ListingsUSDⓈ-M Contracts – Binance Futures launched USDT-Margined INJ Perpetual Contracts with up to 25x leverage. COIN-M Contracts – Binance Futures introduced USDT-Margined CHZ Perpetual Contracts with up to 20x leverage. Cross Margin – Binance added FIO, IMX and SPELL as new borrowable assets on Cross Margin and FIO/BUSD, FIO/USDT, IMX/BUSD, IMX/USDT, SPELL/BUSD and SPELL/USDT as new Cross Margin pairs.New UpdatesDelist Notice – Binance Futures will conduct an automatic settlement on the USDT-Margined BLZ Perpetual Contract on Aug 25th, and delist this contract after the settlement is complete.European Options – Binance will perform a product upgrade for European-style Options by the end of Q3 2022. ***Note: Binance encourages our users to trade responsibly. Trading can be engaging and fun, but trading is a serious business, and it can lead to financial and emotional distress. Trading derivatives carries risk, and cryptocurrencies and other digital assets often have high levels of price volatility. Risk Warning: Futures trading is subject to high market risk, and all of your margin balance may be liquidated in the event of adverse price movement. The value of your investment can go down or up, and you may not get back the amount invested. Binance is not liable for any losses you may incur and does not provide financial advice. For more information, see our Terms of Use and Risk Warning.