Bitcoin is up 29% in the last 10 days and is trading at $8216. Further, over this period, the uptrend has been quite strong and consistent. It is in this backdrop our 2nd trading competition was held.
All participants were given 1BTC as margin money to trade our BTC-USD Futures contract that offers upto 20x leverage
There was only one trade that worked during the competition: go long the BTC Futures contract. Those who believed in the Bitcoin rally and befriended the trend were rewarded handsomely. This is evident from the leaderboard, where the top 3 traders were able to increase their allotted capital by ≥ 3x! Goes without saying, leverage played its part too 🙂
While the macro environment was quite different from what it was during our first trading competition, the enthusiasm of our community of traders was still the same. During the competition, the combined trading volume was $12.5m (vs. $5m in the previous trading competition).
In case you missed out on this competition, not to worry. There are a lot more exciting and rewarding competitions/ events in our pipeline. Pls join our Telegram channels (Announcements, Community) or follow us on Twitter to stay in the know.
Originally published here on our Medium blog.