Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion

Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion

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Answer Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion

Investors in the cryptocurrency ecosystem have increased their exposure to crypto derivatives markets, with volumes on central trading platforms rising to $3.12 trillion in July, up 13% from the previous month, according to CryptoCompare.

Volume of crypto derivatives trading on major trading platforms reached $245 billion on July 29, up 9.7% from a daily high of $223 billion throughout June, according to CryptoCompare data.

The move was marked by signs of recovery from a crash in the futures/options market.

It is worth noting that cryptocurrency derivatives are secondary contracts or financial instruments that derive their value from an underlying underlying asset such as Bitcoin, Ethereum or other alternative digital currencies.

Read:After a $400 million acquisition… Poloniex officially splits from Circle

Futures contracts are investment contracts that enable investors to be exposed to an asset without directly owning it.

Futures contracts also allow traders or investors to speculate on the future price of the underlying asset.

Options offer traders a unique opportunity to buy or sell crypto-digital tokens at a different price than in real time.

The price of an option contract varies depending on the time of purchase, the execution price, and the expiration day.

Previous increases in federal interest rates, inflation and the war between Ukraine and Russia have prompted investors to sell cryptocurrencies sharply, causing the cryptocurrency market to crash.

Less-than-expected inflation data from the US has boosted risk appetite in the market, and now cryptocurrencies have recovered.

Bitcoin quickly surpassed $24,000, and Ethereum also managed to climb back above $1,900 today.

CryptoCompare noted that the market is also concerned about the potential upgrade of Ethereum.

So the open interest on Ethereum derivatives is higher than that of Bitcoin for the first time.

Read:Founder of Cryptocurrency Exchange FTX Buys 7.6% Stake in “Robinhood” App

Derivatives market volume now accounts for 69% of total cryptocurrency trading volume, up from 66% recorded last June.

Read also:

Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam

Binance recovers 83% of funds stolen in DNS attack targeting Curve Finance users

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