Dubai, United Arab Emirates, May 21, 2024, Chainwire
Bybit, one of the world's top three crypto exchanges by volume, saw a surge in trading volume for the popular pair on news that US regulators could approve an ETF soon. Following the news, traders potentially benefited from ETH's impressive 15% move against BTC.
The news that sparked the surge was that US regulators asked ETH ETF applicants to update their filings, leading to speculation that the updates pointed to a higher likelihood of approval, although nothing is guaranteed. Still, traders were quick to pay double the funding rate to position ETH against BTC in the wake of the news.
For some traders, ETH/BTC is a key ratio in the crypto markets because the two leading crypto assets account for approximately 74% of the crypto market capitalization. Recently, ETH has been “just down” as it lost momentum and struggled to fend off its competitors; Just last week, it hit a new low against BTC, which fell to the lowest level in three years.
Bybit traders can take advantage of the volatility surrounding this narrative by trading perpetual contracts themselves or through a series of simple robots that do all the calculations for you. Additionally, Bybit, which just reached 30 million users worldwide, is hosting its Ethereum Euphoria event, offering users the chance to win USDT and a Tesla (NASDAQ 🙂 Cybertruck while learning about the impact of this type of market event.
About Bybit
Bybit is one of the top three cryptocurrency exchanges by trading volume with 30 million users established in 2018. It offers a professional platform where cryptocurrency investors and traders can find a lightning-fast comparison engine, 24/7 customer service, 7 days a week and multilingual community support. Bybit is a proud partner of the reigning Formula One constructor and driver champions: the Oracle (NYSE:) Red Bull Racing team.
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ContactHead of public relationsTony AuBybit[email protected]
This article was originally published on Chainwire.
