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<h3><span class='ez-toc-section' id='Introducing_'Digital_Derivatives'' />Introducing ‘Digital Derivatives’</span></h3>
<p>Digital Derivatives is a weekly newsletter bringing you the latest <strong>research</strong>, <strong>information</strong> and <strong>analytics</strong> from the <strong>cryptocurrency derivatives space </strong>brought to you by<strong> </strong><strong><a href="http://prod-wp.delta.exchange/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange&source=gmail&ust=1584200836862000&usg=AFQjCNFHQCKkm91sNIL79LWjPjh_0L6uoQ">Delta Exchange</a></strong><strong>. </strong></p>
<p>This weekly letter includes our analysis of recent developments in this space, including trends, conversations, exchange developments and everything in between.</td>
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<h3><span class='ez-toc-section' id='Market_Sentiment_Plummets_As_Bitcoin_Drops_48%_In_24_Hours' />Market Sentiment Plummets As Bitcoin Drops 48% In 24 Hours</span></h3>
<p><span style="color: #000000;">Cryptocurrency market sentiment looks bleak amid broader equity sell-off as the world struggles to manage oil price wars and the spread of COVID-19.</span></p>
<p>In just over 24 hours, the <strong>price of Bitcoin stumbled 48%</strong>, hitting a <strong>one-year low</strong> as over <strong>$90 billion</strong> were wiped off the value of the digital asset market. <img decoding="async" loading="lazy" class="CToWUd" src="https://mail.google.com/mail/e/1f6a8" alt="🚨" width="30" height="30" data-goomoji="1f6a8" data-image-whitelisted="" /></p>
<p><span style="color: #000000;">To put this into perspective:</span></p>
<ul>
<li><span style="color: #000000;">The drop represents the <strong>biggest ever 24-hour price drop </strong>for Bitcoin on record, to a low not seen since March 2019. </span><img decoding="async" loading="lazy" class="CToWUd" src="https://mail.google.com/mail/e/1f4c9" alt="📉" width="30" height="30" data-goomoji="1f4c9" data-image-whitelisted="" /></li>
<li><span style="color: #000000;">Bitcoin Futures are<strong> trading at discount</strong> for the first time since January 2019.</span></li>
<li><span style="color: #000000;">Over <strong>$500m worth of XBT</strong> longs were liquidated on BitMEX.</span></li>
<li><span style="color: #000000;">Trading volume on XBT/USD reached an <strong>all-time high</strong>, with <strong>nearly $50 billion</strong> worth of Bitcoin Futures contracts traded in less than 24 hours.  </span><img decoding="async" loading="lazy" class="CToWUd" src="https://mail.google.com/mail/e/1f4c8" alt="📈" width="30" height="30" data-goomoji="1f4c8" data-image-whitelisted="" /></li>
<li><span style="color: #000000;"><strong>Implied volatility spiked 50 points</strong> reflecting the increased market volatility. This was a <strong>10 standard deviation event</strong> relative to what was priced in (i.e. something normal distribution modelling renders impossible.)</span></li>
</ul>
<p><span style="color: #000000;">March 12th was an unparalleled day across digital asset markets and the outlook remains discouraging. We expect the trend to continue for the foreseeable future, albeit on a less significant scale, as global uncertainty grows. </span></td>
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<td valign="top"><strong>Market Moves</strong></p>
<ul>
<li><strong>Bitcoin (BTC) – </strong>$5,660.82 (-18.07%)</li>
<li><strong>Ethereum (ETH) – </strong>$132.32 (-15.74%)</li>
<li><strong>Ripple (XRP) – </strong>$0.157 (-11.71%)</li>
<li><strong>Bitcoin Cash (BCH) – </strong>$173.32 (-21.62%)</li>
<li><strong>Litecoin (LTC) – </strong>$35.37 (-11.12%)</li>
<li><strong>EOS (EOS) – </strong>$2.04 (-16.81%)</li>
<li><strong>Tezos (XTZ) – </strong>$1.66 (-12.92%)</li>
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<h3><span class='ez-toc-section' id='Derivatives_Insights' /><span style="color: #000000; font-family: helvetica neue, helvetica, arial, verdana, sans-serif;">Derivatives Insights</span></span></h3>
<p><strong>BitMEX Open Interest On XBTUSD Drops 45% In 12 Hours</strong></p>
<p>Over the last 24 hours, <strong>Open Interest (OI) </strong>on the XBTUSD pair on BitMEX has <strong>dropped from $840 million to $433 million</strong> as the price of Bitcoin fell to $5,620.</p>
<p>Open Interest refers to the number of outstanding derivatives contracts that have yet to be settled. Open Interest provides an interesting insight into derivatives market activity, with decreasing OI representing a significant outflow of money from market.</p>
<p>The Open Interest on the XBTUSD pair on BitMEX reached an all time high of <strong>$1.06 billion </strong>one month ago, on February 15th, and is now at its lowest value since <strong>May 2019</strong>.</p>
<p><a href="http://prod-wp.delta.exchange/data-analytics/d/2tj05_3mk/open-interest-bitmex?orgId=1&from=now-30d&to=now" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/data-analytics/d/2tj05_3mk/open-interest-bitmex?orgId%3D1%26from%3Dnow-30d%26to%3Dnow&source=gmail&ust=1584200836862000&usg=AFQjCNGULBE9BeoOTvhzSnK8odrjrS72CA"><img decoding="async" loading="lazy" class="CToWUd" src="https://ci5.googleusercontent.com/proxy/Vsxnw3ggYZzr4sCDllKrqexPvF1GeAK8s8wKNefpu17HOO95A4k6cOMSM_3wHBRHlCI4xuBIsi6GR8l7WBAUNY0mGviUeprtnRmSdcz1-AtF1FXJ4SKB-Yd78DaqzF3y4XIVOF0CvUi5sRsbtM-36QuVfpE5Ug=s0-d-e1-ft#https://mcusercontent.com/df8fc081ae1b74f44274e1109/images/fe665aa7-2249-4300-b612-a3ed3195cd55.png" width="700" height="338" /></a></p>
<p><strong>CBOE Volatility Index (VIX) Reaches 75</strong></p>
<p>The CBOE Volatility Index (VIX) is <strong>currently sitting at 75</strong> and is now at the <strong>highest it has been since November 2008</strong>, quoting a higher 24-hour trade volume than Bitcoin.</p>
<p>The CBOE VIX is an index representing investors expectations of 30-day forward-looking market volatility. Also known as the ‘<strong>Fear Index</strong>‘, the VIX provides an insight into market risk and sentiment, representing current levels of investor fear.</p>
<p>Established in 1993, it is only the <strong>second time in its history</strong> that the CBOE VIX has gone above 50, representing significant uncertainty surrounding the future of the US equity markets. Specifically, VIX is up over <strong>390% in the past 30 days</strong>, and up <strong>430% in the previous 3 months</strong>.</p>
<p><a href="http://www.cboe.com/vix" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://www.cboe.com/vix&source=gmail&ust=1584200836863000&usg=AFQjCNG-uGa0SFJsAv1YA-SX_251miRcfQ"><img decoding="async" loading="lazy" class="CToWUd" src="https://ci5.googleusercontent.com/proxy/AE8af7JPUh9dpZZsv5X85SpPsIwnVEnt0Rwt2xt3fOp6mcdb7v9q0pZBdCHoxv91hXgIhLCHdXEZ8HnT5u8mlYwVTSEzCLZyzzWg1i7iKdjEhjTRgCVTP18b5LS2QFr_GCYEhM74J2oj665w4kXgKM6fjAmFDA=s0-d-e1-ft#https://mcusercontent.com/df8fc081ae1b74f44274e1109/images/fb40c92c-a9fc-41c6-8a0b-52c1ae4caaaa.png" width="700" height="347" /></a></p>
<p><strong>Bitcoin Futures At Discount – Fall From 3% To -3% </strong></p>
<p>Bitcoin Futures are currently trading at a <strong>discount to spot prices</strong> for the first time in 2020 – falling from +3% in January 2020 to -3% – signalling a <strong>bearish outlook</strong> on things to come.</p>
<p>Futures contracts represent agreements between parties to buy or sell BTC at a specific price and date in the future, allowing for hedging or speculation of the underlying asset. As such, prices trading at a discount to spot prices (referred to as <em>market inversion</em>) is a clear indication of bearish expectations.</p>
<p>On Delta, Bitcoin March 2020 Futures are <strong>currently trading at $5221.5</strong>, representing nearly a 4% discount to spot prices. <strong>CME Bitcoin March 2020 Futures</strong> are <strong>trading at $5385.0</strong>, a 0.7% discount, with <strong>CME April 2020</strong> Futures<strong> trading at $5380.0</strong>, a 0.87% discount.</p>
<p><a href="http://prod-wp.delta.exchange/app/futures/trade/BTC/BTCUSD_27Mar" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/app/futures/trade/BTC/BTCUSD_27Mar&source=gmail&ust=1584200836863000&usg=AFQjCNFwb_EWHbXjgF0D5PHlD4oA7D7wiA"><img decoding="async" loading="lazy" class="CToWUd" src="https://ci6.googleusercontent.com/proxy/FkSoMhNL3dm8HoaUH4DpuDBpuTl4gfdwKVnkvVwtZY-sJGdfwXSfJcDocsEvdHKUnuqLM-ESGTk5Eqq3Y-c7ujlJ18fIKINtagt7Cl9lousjnodWiJSxJi10SKiVgjO3xQmhFzFb9uTGfsoSzoVgXlS3Lsmx3A=s0-d-e1-ft#https://mcusercontent.com/df8fc081ae1b74f44274e1109/images/363098ac-a38c-4b90-8529-7ce21902b13a.png" width="700" height="422" /></a></td>
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<h3><span class='ez-toc-section' id='Delta_Exchange_Developments' /><span style="color: #000000; font-family: helvetica neue, helvetica, arial, verdana, sans-serif;">Delta Exchange Developments</span></span></h3>
<p><span style="color: #000000; font-family: helvetica neue, helvetica, arial, verdana, sans-serif;"><strong>Launch of BTC & ETH MOVE Contracts </strong></span></p>
<p>We’re excited to announce the launch of BTC & ETH MOVE Contracts as the first exchange in the digital asset space to do so.</p>
<p><a href="http://prod-wp.delta.exchange/app/move_options/trade/BTC/MV-BTC-D-130320" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/app/move_options/trade/BTC/MV-BTC-D-130320&source=gmail&ust=1584200836863000&usg=AFQjCNFTctq9_zmEyJpJ8bsDZOx8reBbIg"><img decoding="async" loading="lazy" class="CToWUd" src="https://ci4.googleusercontent.com/proxy/YQX5Uz34ktDWKJX02RILRwfDExW4KhKCcIXES0g5DZRN-k2ffIJMOp3Hbfz77ReygRsKmwPJJ_82vMAATyZnB-djPnshMHlGxDELUATO4NxHJx4l5kuc4aj3U_DOcKa7H4rH5CGPV2C0sU0eIPwI8chYWKGufA=s0-d-e1-ft#https://mcusercontent.com/df8fc081ae1b74f44274e1109/images/bf26090e-5996-4c4b-b527-a3fc5c8f0570.png" width="700" height="409" /></a></p>
<p>MOVE contracts are an exciting new class of derivatives contracts, where the price is proportional to the absolute value of a movement in the price of the underlying asset (BTC or ETH), over a certain time period. As such, the direction of movement of the asset becomes irrelevant, allowing traders to bet on the underlying movement and volatility of the contract.</p>
<p>Read our in-depth <a href="http://prod-wp.delta.exchange/user-guide/docs/tutorials/move-contracts/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/user-guide/docs/tutorials/move-contracts/&source=gmail&ust=1584200836863000&usg=AFQjCNG8vX_1s7n-jZNDm4VTV7vA8tD4yQ">MOVE Contracts Guide</a> and view the markets here:</p>
<ul>
<li><a href="http://prod-wp.delta.exchange/app/move_options/trade/BTC/MV-BTC-D-130320" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/app/move_options/trade/BTC/MV-BTC-D-130320&source=gmail&ust=1584200836863000&usg=AFQjCNFTctq9_zmEyJpJ8bsDZOx8reBbIg">BTC MOVE Market</a></li>
<li><a href="http://prod-wp.delta.exchange/app/move_options/trade/ETH/MV-ETH-D-130320" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/app/move_options/trade/ETH/MV-ETH-D-130320&source=gmail&ust=1584200836863000&usg=AFQjCNGzQPysFT5Ac2Ghl1BNZblmLe9e1Q">ETH MOVE Market</a></li>
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<p><strong>Deep Dive Into The World of Cryptocurrencies</strong>Delta Exchange Cofounder and CEO sat down with MaiCoin Group – Taiwan’s largest and longest-running digital asset trading platform – to discuss digital asset and the derivative trading space. Topics covered include:</p>
<ul>
<li>The background and vision of Delta;</li>
<li>What makes the derivative space important;</li>
<li>The difficulties & opportunities associated with running a derivatives trading platform.</li>
</ul>
<p>Make sure to watch the full interview <a href="https://www.youtube.com/watch?v=mt-7Lq3B8C4&t=1030s" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=https://www.youtube.com/watch?v%3Dmt-7Lq3B8C4%26t%3D1030s&source=gmail&ust=1584200836863000&usg=AFQjCNHK7qGfTdkS2GfyUBj1Li6qQJXfeg">here</a>.</p>
<p><span style="color: #000000; font-family: helvetica neue, helvetica, arial, verdana, sans-serif;"><strong>Token Additions To Delta</strong></span></p>
<p>Over the last two months we’ve added a number of exciting new contracts for traders on Delta.</p>
<p>These additions include:</p>
<ul>
<li><span style="color: #000000;">REN Protocol (REN) – 10x Leverage</span></li>
<li><span style="color: #000000;">Kyber Network (KNC) – 5x Leverage</span></li>
<li><span style="color: #000000;">Fantom (FTM) – 5x Leverage</span></li>
<li><span style="color: #000000;">TomoChain (TOMO) – 20x Leverage</span></li>
<li><span style="color: #000000;">Aave (LEND) – 20x Leverage</span></li>
<li><span style="color: #000000;">Chainlink (LINK) – 100x Leverage</span></li>
<li><span style="color: #000000;">Tron (TRX) – 100x Leverage</span></li>
<li><span style="color: #000000;">WaZirX (WRX) – 100x Leverage</span></li>
<li><span style="color: #000000;">IOTA (IOT) – 20x Leverage</span></li>
</ul>
<p>Delta remains the only altcoin derivatives platform allowing you to access a range of highly-secure markets with maximum leverage.</p>
<p><strong><a href="http://prod-wp.delta.exchange/" target="_blank" rel="noopener noreferrer" data-saferedirecturl="https://www.google.com/url?q=http://prod-wp.delta.exchange/&source=gmail&ust=1584200836863000&usg=AFQjCNG1Gj30SGd3FKLQgChAxyhaXJ24-w">Get started on Delta today.</a></strong></td>
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Introducing 'Digital Derivatives'
Digital Derivatives is a weekly newsletter bringing you the latest research, information and analytics from the cryptocurren

Introducing ‘Digital Derivatives’ - Delta Exchange

Introducing 'Digital Derivatives' - Delta Exchange

Introducing 'Digital Derivatives'

Digital Derivatives is a weekly newsletter bringing you the latest research, information and analytics from the cryptocurrency derivatives space brought to you by Delta Exchange.

Introducing 'Digital Derivatives'

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