Mar 24, 2020 02:30 UTC
Mar 24, 2020 at 02:30 UTC
Bitcoin Traders Now Want A Gold Option
Josh Rager, the Blockroots co-founder, made the announcement on Twitter –
Now you can short Gold on the same platform you trade Bitcoin
Perp swaps for GOLD/USD have been added to https://t.co/G53YTHoQMV
Take your gains from shorting gold and cash them out in BTC
And don't forget to tell Peter Schiff about how much Bitcoin you stacked shorting Gold pic.twitter.com/S1rffSjElB
— Josh Rager 📈 (@Josh_Rager) March 22, 2020
It’s still unknown whether the Phemex made this addition as a result of the sudden drop in gold or not. Nonetheless, the move is famous with a good level of liquidity. Though the exchange doesn’t offer a direct BTC/gold pair, yet traders can easily swap between Bitcoin, Dollars and Gold.
Cryptocurrency traders have been keen to benefit from this volatility. Provided the demand, it is safe to make sure that many exchanges will soon add gold to their offerings. A lot of opportunities exist to buy BTC with gold, and vice-versa. Still, Phemex is the first to permit daily trading as well as derivatives.
With gold, the ability to transfer its value into the digital currency space is intriguing. Long term investors might be more willing to discover BTC as a potential safe haven too.
Cryptocurrency Markets Entering Mainstream
Bitcoin as well as other blockchain assets have long been highlighters in global finance, yet their presence has been too important to ignore. They are increasingly proving their legitimacy, as a result of adoption across a broad array of industries.
Moves to integrate various legacy commodities into the cryptosphere are only growing. Additionally, traditional broker of all sorts are keen to start working with blockchain assets. These steps are sure to invite broader interest from regulators as well as governments and funnel huge amounts of fiat into digital currencies.
Bringing BTC into mainstream worldwide finance stays controversial among digital currency advocates, the same number of idealists accept that the blockchain economy need to stay free. Nonetheless, as the estimation of BTC and altcoins grows, it is unavoidable that all markets will cooperate. Truth be told, mass cryptocurrency adoption relies upon it.