On September 7, El Salvador became the first country to adopt bitcoin as legal tender. President Bukele tweeted that the government had bought 200 Bitcoins before the virtual assets bill officially took effect, and soon announced another purchase of 350 bitcoins. That is a total of 550 bitcoins in its treasury. With the news widely reported by Bloomberg, Reuters, and many other internationally renowned media outlets, Bitcoin once again aroused heated discussions across the society.
As a result, the price of Bitcoin rose quickly, surpassing $53,000 again since May 19, setting the highest price in recent months. Subsequently, Bloomberg released its September crypto-asset outlook report, saying that the market is promising and that Bitcoin may hit the $100,000 mark.
However, on the evening of the 7th, Singapore time, the unpredictable crypto world rolled out a long red “carpet” to welcome El Salvador with a plunge. CryptoDiffer data shows that $3.5 billion in futures were liquidated during the crash, affecting more than 330,000 people. Most people who made a considerable profit during the July/August rally lost their money overnight.
According to The Block Research, legal spot trading volume in cryptocurrencies reached $1.07 trillion in August, up 64 percent from July on a year-over-year basis. In addition, trading volume in the main Bitcoin futures market reached $1.73 trillion in August, a 17% increase from the $1.47 trillion traded in July. The growth in both spot and futures data reflects, in part, the increase in users and bullish market sentiment. However, the sudden plunge has left most people unsure of the future of the crypto world, and even more so when it comes to “futures”.
Futures trading has long been a tool to realize their”get rich overnight” dream for many users, but it is also a wrestling field for institutional investors and individual investors. Compared to spot trading, futures trading requires more professional index referencing skills and operational techniques. Surveys show that many futures users have suffered losses due to errors in judgment or improper operation. What’s worse, there are also liquidations caused by non-human factors: some exchanges may choose to unplug the network cable, create “sharp rise and downfalls”（the needle pattern）or simply shut down their service, for example.
Therefore, it is extremely important for users to choose a suitable and secure exchange.
Looking at the existing crypto exchanges in futures trading, Bitget is prominently the most user-friendly platform for ordinary users. As a world-renowned derivatives trading platform, Bitget has more than 1.6 million registered users in 48 countries and regions worldwide, ranked Top5 in terms of futures trading volume. Its three flagship products — USDT-margined futures, One-Click Copy Trade, and Quanto Swap Futures — offer a great user experience. Among them, One-Click Copy Trade is the most convenient one.
The feature has become the starting point for many novice users, allowing them to directly follow professional futures traders to earn steadier and higher profits. In addition, to deliver better investment income, Bitget has established a rigorous trader vetting process and limited the number of copiers to ensure the effectiveness of the traders’ strategies.
Official data shows that since its launch in May 2020, Bitget’s One-Click Copy Trade has enrolled more than 10,000 traders who completed a total of 9.6 million-copy trade transactions, showing high recognition in the market. In addition to appealing features, the trading platform’s stability and security are also crucial. In this crash, many exchanges experienced delayed or even suspended transactions, leaving users hopelessly watching their positions liquidated. However, none of these happens on Bitget, which managed to maintain steady operations as usual.
According to sources familiar with the matter, as the platform continues to grow in size, it will launch a long-awaited and extensive trading competition with a generous prize pool in the near future. It is reported that winners will have the chance to share 100 BTC and receive some additional rewards in BGB, its platform coin. I checked the news with a few friends in the community who claimed to have obtained the information from different sources and expressed their interest in participating in the 100 BTC prize split. It seems that Bitget’s expansion plan is ready to take off.