📈 BTC | $50,915 (+810, +1.4%)
📈 ETH | $2,416 (+194, +8.7%)
📈 XRP | $1.11 (+0.067, +6.4%)
📈 LTC | $233 (+8.6, +3.8%)
Short bets on Bitcoin are increasing as futures contracts saw negative funding rates again. While this makes it expensive to hold shorts, history has shown that this does not necessarily indicate a market bottom.
Turkey’s nigh-unregulated crypto market (estimated by some to be the 5th largest globally) is threatening collapse after a crypto exchange (Thodex) founder absconded with $2B in customer funds. Regulators are looking into a second crypto exchange (Vebitcoin), and has since detained its CEO. Authorities have signalled that they are aiming for regulation however, rather than an outright ban.
South Korea on the other hand, hinted at a total ban on crypto as its top regulator floated the idea of shutting down all 200 of the country’s crypto exchanges by September if they fail to apply for the relevant AML licenses (none have applied so far).
Cryptocurrency CFD is available for trading on Phillip MetaTrader 5 (MT5).
Features of trading CFD:
- Trade in both the bull and the bear markets
The ability to enter a long and/or short position allow traders to take advantage of both rising and falling markets.
- Smaller barrier to entry
CFDs typically have flexible and smaller contract sizes. This means that traders will be able to enter into a CFD contract with a modest amount of capital.
- No expiration date or risk of delivery
Unlike futures which commonly have a fixed expiration date, CFDs allow traders to perpetually hold the position(s). CFDs are cash settled, no need to worry about the delivery of the underlying asset.
Benefits of using Phillip MT5:
Trade at zero commission on a dynamic platform that offers low spreads. Integrated with Autochartist and Trading Central Indicators, and available on mobile, web and desktop app, you will never miss a trading opportunity with Phillip MT5.