📈 BTC | $56,874 (+$2,237, +4.1%)
📈 ETH | $3,497 (+$91, +2.7%)
📉 XRP | $1.12 (-$0.02, -1.6%)
📈 LTC | $177 (+$2, +1.1%)
🚂 Bitcoin rose past $57K yesterday for the first time since May, with the number of active entities (number of network participants) similarly rising as well. Median Bitcoin transaction sizes have also risen sharply, and is currently holding around 1.3BTC.
💪 Long-term holders (155 days and longer) are now also holding 13.3 million Bitcoin, an increase of +2.37 million BTC over the past seven months. By comparison, only around 186K BTC has been mined in the same period of time, meaning that the overall circulating supply of BTC has been dwindling.
🚨 Leverage in cryptocurrency markets is also rising, with open interest (around $18 billion) and perpetual swap rates continuing to rise from lows in May. Futures funding rates have also risen to around +0.02% – traditionally a sign of caution, given that excessively positively rates increase the likelihood of long squeezes.
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 allows 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.
Trade Bitcoin, Ethereum, Litecoin, and Ripple CFDs at zero commission on Phillip MetaTrader 5, 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.
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What’s more? Phillip MT5 is now supported on Mac OS! To install, simply download the file below and complete a simple installation process.