HitBTC Token (HIT) Token Burn Update – January 2022

HIT Token Burn

In January we burned a total of 27,283,318 HIT tokens (about 7.7 million USDT). The overall supply of HIT has officially decreased from 1,810,969,630.06 HIT to 1,783,686,312.06 HIT as a result of this recent burn.

Transaction Link: https://etherscan.io/tx/0x651523ef7ced370c2238bbeedb17ade75f85ff36c4eca22ce975ddf3259ae45f

HIT token, is the foundation of the HitBTC ecosystem and is used to provide incentives and rewards to our traders and active members in our community.

Find out more about the HIT Token here.

For more information about the HIT Token read our frequently asked questions here.

ArbiSmart (RBIS) Trading Contest on HitBTC

ArbiSmart Trading Contest

We are pleased to announce that an ArbiSmart (RBIS) trading contest with a prize pool of  50,000 RBIS will take place on our platform from 00:00 (UTC) on January 21st to 00:00 (UTC) on February 6th, 2022.

How to participate?

  1. Trade RBIS on HitBTC during the contest period.
  1. Sit back, relax and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period. 

Prizes and Positions

50,000 RBIS in total

1st – 15,000

2nd – 8000

3rd – 6000

4th – 4000

5th – 3000

6th – 2300

7th – 2000

8th – 1650

9th – 1350

10th – 1200

11th – 1000

12th – 900

13th – 800

14th – 700

15th – 600

16th – 500

17th – 400

18th – 300

19th – 200

20th – 100

Good Luck and Happy Trading!

Apply now: https://hitbtc.com/trading-contest/140

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners

Why Trade Perpetual Futures?

Perpetual Futures

Perpetual Futures is a versatile instrument that can be used together with margin and spot trading to achieve better trading results or, separately, as a profit-driving strategy. Typically, traders choose perpetual futures to:

  • Get an additional hedge (protection) to manage their risks in spot and margin trading when the market moves against their active orders and open positions; 
  • Use a high leverage (up to x100) that allows traders to open positions exceeding their account balance; or
  • Open short positions for assets they don’t own (for example, if BTC/USDT price is falling and they don’t own any BTC)

Glossary

Mark Price – Recent Asset Index Price adjusted by the fair basis value.

Index Price – Average price of an underlying asset on major exchanges.

Funding Rate – Percentage of the contract’s value paid at the end of the current funding interval.

Countdown – Time before the next funding cycle.

Unr. PnL – Estimated profit or loss that you will receive if you close your position now. It includes fees.

PnL – Realized profit or loss of a position based on trades related to the position.

Margin – A Margin allocated per position. Fundings are added and subtracted from the Margin. We use an Isolated Margin to give traders the means to control the risk levels of their positions. Isolated Margins enable them to add or remove assets that serve as collateral for a selected position, effectively altering the leverage of that position.

Required Margin – the amount of margin that must be maintained in the margin balance of a particular instrument to back an opened position.

Available Margin – additional collateral available to open new positions. It is calculated using the following formula: Available Margin = Margin Balance – Required Margin. If multiplied by Leverage, one will arrive at the Buying Power. You can retrieve Available Margin, but then the liquidation price of your position will change in a way that will bring the liquidation of your position closer.

Liquidation – If an asset price on the market (Mark Price) crosses the Liq. Price for a certain contract, this contract will be liquidated.

Maximum position – calculated using the following formula: Lbp=(a/m)^(1/(b+1)), where b = limit power, a = limit base, and m = margin in the position. The smaller the leverage, the bigger the size of a position that can be opened on this contract.

Risk – An indicator of a Position Risk level.

0% – 49%: you can still increase your position size.

50% – 79%: you cannot increase your position size any further.

80% – 99%: (margin call) you can only open orders to close the position or add more margin to reduce the risk of the position’s liquidation.

100%: your position gets liquidated automatically.

The Margin Balance that was available to cover the losses when trading on margin is depleted. 

Market order – an order to buy or sell a given instrument at a market price. Market price is defined as the best available price for the instrument at the moment when the order is placed. Since the price changes in real time, the total and fee are provided as estimates rather than exact values.

Limit order – an order to execute a transaction only at a specified price (the limit) or better. A limit order to buy would be at the limit or lower, and a limit order to sell would be at the limit or higher. Limit orders are used by investors who have decided on the price at which they are willing to trade. There are 5 types of Limit orders available for futures trading:

Good-Til-Cancelled

lasts until the order is completed or canceled.

Day

automatically expires if not executed on the day the order was placed. A day ends at 00:00 UTC.

Good-Til-Date/Time

automatically expires at the specified date and time

Fill-Or-Kill

must be executed immediately in its entirety; otherwise, the entire order will be canceled (i.e., no partial execution of the order is allowed)

Immediate-Or-Cancel

must be executed immediately. Any portion of an IOC order that cannot be filled immediately will be canceled

Scaled order – a set of multiple orders to buy or sell, automatically distributed within the user-determined price range (from minimum to maximum price). An amount may have flat, upscale, or downscale distribution.

What do you need to know to start trading?

Opening a long position

If a trader expects the price of the contract to go up, he or she opens a long position. Traders can make profit either on short term fluctuations in price or on a long-term steady growth. 

It is important to consider the Funding payment, which takes place every 8 hours, when you will either receive or pay the Funding, depending on what position you hold (long or short) and the recent market movement. You will need to take this into account when developing your long-term strategy.

Another factor that needs to be kept in mind is that  if you already have an open position, for example, Long ETH/USDT, and would like to open another Long ETH/USDT position, your second position will just be added to the existing one. The general rule is that you can only open 1 long and 1 short position per contract.

Please note that if you choose to close your position, you will be closing it at the current Market price. If you do not wish to close your position in real time, you can set a Limit order beforehand, so when the contract reaches a certain price, it will be closed automatically and the profit will be credited to your account.

You can also partially close your position as the price rate of your contract changes by creating opposite side orders that will be executed at different price levels. This enables you to lock in your profit without closing the whole position and gives you control over the price of your contract at key market price points.

Opening a short position

If a trader expects the price of the contract to go down, he or she opens a short position. When the price of the contract goes down, you can close it (open a long position) and make a profit on the difference in price. This can be used as a short-term strategy around price fluctuations or as a long-term, if you expect the price of the perpetual futures contract to go down. You don’t need to have the underlying basic asset to open a short position.

In the futures market, the Funding payment, which takes place every 8 hours, applies to both short and long positions. You will either receive the Funding or pay it, depending on what position you hold (long or short) and the recent market movement. You will need to take this into account when developing your long-term strategy.

Please note that if you choose to close your position, you will be closing at the current Market price. If you do not wish to close your position in real time, you can set a Limit order beforehand, so when the contract reaches a certain price, it will be closed automatically and the profit will be credited to your account.

You can also partially close your position as the price rate of your contract changes by creating opposite side orders that will be executed at different price levels. This enables you to lock in your profit without closing the whole position and gives control over the price of your contract at key market price points and when you are away from the terminal

How to change leverage

You may set the needed leverage in the Add/Retrieve Margin pop-up, when transferring the Margin collateral for the contract you plan to trade. 

If you already have an open position, you may increase or decrease the leverage by clicking on the Margin +/- button and simply adding or retrieving some margin to this contract. The leverage of all open positions will change.

Increasing the position leverage reduces the exchange’s requirements for the required margin, but on larger leverages there are greater restrictions on the maximum position size. 

Parameters to pay attention to

UrlPnL – unrealized profit and loss. This parameter shows the profit and loss the trader will receive if he or she chooses to close the position at the market price.

Liq. Price – when Mark price reaches Liq. Price, the position will be liquidated automatically (for example: a trader expected that the price of the BTC/USDT contract would go up, but it went down). The higher the leverage the trader uses the smaller the change in market that can cause a Margin Call.

Risk – this parameter shows the level of risk for a certain open position. The closer this value is to 100% the higher the probability of this position being liquidated.

Required Margin – this parameter shows the amount of margin you need to maintain in the margin balance of a particular contract to back your open position. This value may change depending on the market value of the asset and your margin balance for a particular contract. If you do not have sufficient required margin, your position gets liquidated.

How to avoid liquidation?

The following indicators show that your position may be liquidated soon:

  1. Mark price is approaching Liq. price
  2. Risk is approaching 99% 

In order to avoid liquidation, you can:

  1. Сancel orders, if there are any, because they are tying up the collateral;
  2. Partially close your position to reduce the amount of Required Margin needed;
  3. Add more margin to back your position; 
  4. Reduce your leverage to lessen the impact of the market on your position; or
  5. Set a limit order beforehand, for when the Mark Price approaches the Liq. Price

If you are only just getting started trading futures, use smaller leverage and add more margin to get to know the mechanisms and instruments available. This will allow you to reduce the risks as you are learning to trade perpetual futures.

Let’s look at some numbers

John decides to open a long position with BTC on the spot market. He puts $10,000 into BTC at $55,000. 

To hedge his play, he also decides to short BTC futures, also for $10,000, but because of the x20 leverage, it only takes him about $500 to get into that position.

In 8 hours, BTC value went down to $53,000. His current position stands at $10,000 x 53,000/55,000 = $9,636 on the spot market 

$500×20 x 55,000/53,000 = $10,377

He can close his short position to put against the reduced spot portfolio. The hedge helped John during this transaction and he can now assess what he wants to do next while maintaining his portfolio value. 

John also paid the Funding with 0.01% Funding Rate as his short position went along with the market. You can read more about it on our page.

To wrap things up

Futures can be that one additional instrument to open up new opportunities for trading; however, it is important to assess the advantages and disadvantages they offer and carefully weigh them against personal risk management strategies to ensure a comfortable and worthwhile path forward.

Advantages

  • The long and short versatility that futures offer can enable you to act within the market trends in real time, allowing you to benefit from the volatility of the market.
  • You can change the risk level of your strategies by using futures to protect from negative and unpredictable impacts of the market.
  • A great tool to hedge your portfolio, without directly impacting the existing strategies.
  • If correctly calculated and timely performed, traders can earn by collecting fundings that are paid out every 8 hours.

Important factors to consider

  • Futures are directly linked to the underlying assets, so the movements within those assets still give exposure to dangerous and unpredictable market scenarios.
  • Exposing significant parts of your portfolio to high leverage plays can be threatening to your position as market movements that play against your strategies can harm your position multifold. 

What should you do?

Futures is an advanced instrument that comes with pros and cons, but carefully integrating it into an existing trading and investment strategy can give a trader extra flexibility and potential and allow for a more fulfilling experience. 

If you are interested in learning more about this feature and getting to know the full functionality it can offer, visit our futures page or dive right in by reading our how-to guide.

Сrypto wallet App

The HitBTC crypto wallet is a free and simple solution for beginners.

App on Android and iOS.

Fees and Limits update

We have recently updated our fees and limits. For the latest updates, please visit the fees and limits section on our website here. 

HitBTC Mobile App

Don’t forget that you can trade on our platform from your mobile device. Start today by downloading the HitBTC App on Android and iOS.

Blockchain Metaverses: The Basics

Metaverse

Metaverse is the new tech trend everyone is excited about. One can describe it as a virtual world or a cyberspace. This new type of digital space can be accessed via AR, VR, and even PC. Metaverse is not an independent technology, but more of a new method of interacting with technology.

Games like Fortnite or World of Warcraft with their developed in-game economies resemble metaverses, but only partially. A metaverse, in the proper sense of the word, suggests that you can take your online identity with its avatars, assets, and other possessions and move them elsewhere, without sticking to a single platform.

The synergy of blockchain, crypto, VR, and other sophisticated technologies help expand the possibilities of metaverse-like environments. 

Blockchain Metaverses and Their Economies

A crypto Metaverse is powered by blockchain tech and integrates cryptocurrency assets into the core of its economy. Users can buy, sell, and exchange all sorts of digital goods from avatars to property, using different metaverse tokens. 

For example, non-fungible tokens represent ownership rights and assign them to wallet addresses of the owners while blockchain keeps track of it. And then there are governance tokens that allow communities to control and regulate the main processes happening in the virtual world and coordinate collective decision-making. 

Every metaverse features its own unique economy. Axie Infinity, one of the crypto gaming pioneers, turned into an independent universe with a set of rules, allocation of roles and duties. It features a massive marketplace and, apart from NFTs, two types of tokens that make an efficient and profitable ecosystem.

Marketplaces are at the head of metaverse economies. Acting as closed systems, their value depends on their internal assets. Market adjustment in this case is achieved by the shortage of resources.

Rates of metaverse resources can vary from their rates at the external market. It is possible to engross the entire supply of a certain resource and create a market shortage, raising its price significantly. At the same time, the external market won’t be affected by it whatsoever.

Every blockchain metaverse has its own core idea that guides its entire existence. The storyline, the purpose, and ideology determine the economic structure and the use of the resources. However, the highest value of every Metaverse lies in its community that supports the economy.

Every metaverse, no matter how unique it is, exhibits similar features like the ability to own assets, a set of rules, property interoperability, and an independent economy. Blockchain metaverses are decentralized and controlled by users, not corporations. The asset ownership rights are shared between participants. On top of that, the users can take part in metaverse governance.

Metaverse Token Market

The metaverse token market is still in its infancy and currently amounts to $38 billion. However,  some projects like  Decentraland (MANA), Axie Infinity (AXS), The Sandbox (SAND), Enjin (ENJ), GALA, Wax (WAXP) currently generate most of its value. Moreover, it is only fair to conclude that the main niche and use case of the modern metaverse token market is in gaming.

Token growth has shown quite a span, ranging between 200% and over 20,000%. Volatility is very typical for any crypto asset, and metaverse tokens are no exception. One of the most expensive tokens in the space, NFTs not included, stays at a $1,900 mark, and the majority of other assets cost somewhere from a couple to a couple of hundreds of dollars. 

Since blockchain metaverses provide both entertainment and the ability to make extra money, they are often considered investment opportunities. In the future, as the underlying infrastructure grows and metaverses start interacting with each other, backed by an extended functionality of social media and crypto assets, the value of the investment might grow exponentially. 

In case you decide to invest in metaverse tokens, HitBTC offers a few to choose from. 

Read more about Game Tokens

Сrypto wallet App

The HitBTC crypto wallet is a free and simple solution for beginners.

App on Android and iOS.

Fees and Limits update

We have recently updated our fees and limits. For the latest updates, please visit the fees and limits section on our website here. 

HitBTC Mobile App

Don’t forget that you can trade on our platform from your mobile device. Start today by downloading the HitBTC App on Android and iOS.

Crypto Games and Gaming Tokens Overview

In 2021, the crypto gaming scene has witnessed rapid growth. Ethereum, with its high transaction fees during the high network load and slower processing speed compared to some other chains, could only handle simple games. However, the emergence of new scalable blockchains has finally allowed for better gameplay and cost-efficiency. 

Since games became more advanced, people started looking into purchasing gaming projects’ tokens as an investment. Besides, the trending play-to-earn model allows earning these tokens while casually completing game tasks.

Apart from industry veterans like Axie Infinity or Decentraland, there are quite a few promising projects to keep an eye on. We’ve gathered a selection of gaming tokens listed on HitBTC to keep you well-informed. 

MOBOX MOMOverse (MBOX)

A free-to-play and play-to-earn MOMOverse features games such as NFT Farmer, Blockchain Brawler, Token Master, Trade Action, and MOMO: Tactical Party Slaye. It allows players to create their own NFTs and get rewarded for their creations. Players can use these assets across the entire ecosystem. 

Players, developers, and collectors can benefit from the MOMOverse – you can either create the content yourself or use what other players have created. 

The MBOX token is a native utility token of the MOMOverse that can be used for processing transactions via the NFT platform, staking, and as a governance voting tool.

Gala Games (GALA)

Simplicity is one of the main objectives of the Gala platform. Blockchain-based Gala has chosen to go with the simple game mechanics so that their players could use the platform with ease, without diving into the depth of technology.

By implementing NFTs, Gala allows players to verify and truly own their assets. Once you claim an item, it is up to you what to do with it next: use it in the game or trade it. Moreover, Gala’s concept suggests that players partially own and operate the platform. The platform’s Discord community actively participates in the games’ development. The current list of games includes Townstar, Fortified, Legacy, and others. 

As for the GALA tokens, there are several ways to get and use them. Apart from buying GALA via exchanges, users can operate nodes and receive it as a reward. The easiest and, probably, most pleasant way to get them is by simply playing the games. 

STARL Metaverse (STARL)

STARL calls itself a 3D social universe. Designed for gaming, trading, and collecting, it also encourages artistic expression. It is an ever-expanding space metaverse with a sophisticated virtual economy and NFT-powered ownership. Players can own a wide range of in-game items, from satellites to virtual real estate.

STARL is a utility token and the main Metaverse currency. It can be used to purchase virtual assets and NFTs at the marketplace, run upgrades, and book services in the STARL ecosystem. STARL can also be traded for other digital cryptocurrencies or fiat.

Illuvium (ILV)

Ethereum-based Iluvium is an open-world RPG adventure game. It takes you on a journey across picturesque landscapes where you need to hunt and capture creatures called Illuvials. Captivating gameplay and well-delivered design contribute to an enjoyable gaming experience. Besides, Illuvium integrated the NFT tech and features zero gas fees for peer-to-peer trading with instant transactions. 

Although you can earn ILV tokens by playing, you won’t need them for the game itself. Instead, you can use it for governance and getting passive income via liquidity mining and vault distributions. You can also purchase it via a few exchanges, but mind the price. Unlike other typical gaming tokens that cost a couple of dollars, the price of ILV is over $1,000.

Yield Guild Games (YGG)

YGG is a play-to-earn guild and global community that unites players of popular NFT-based games such as Axie Infinity, Iluvium, The Sandbox, League of Kingdoms, and others. In other words, YGG members profit by investing in gaming NFTs, used in virtual worlds and blockchain-based games and then renting or selling them to other players. YGG DAO participants can vote on the games they want to play and share the earnings.

Although the project is relatively new, it has a chance to become quite profitable in the long run, or at least while the NFT space continues to evolve. 

Smooth Love Potion (SLP

Axie Infinity players earn SLP when playing the game. Serving as a replacement for experience points, this ERC20 token is used for breeding Axies, the game’s main characters. Typically, you’ll need at least 100 SLP to start breeding, and the more tokens you spend, the higher your pet’s rank will be.

Although you can earn this token playing the game, it might take a while until you accumulate enough wealth to breed new creatures. Alternatively, you can buy them on the exchange and jump right into the game and breeding business. Considering the $300 average price of an Axie and the fact it can exceed $1 million, SLP might be a decent investment. 

Ultra (UOS)

Ultra is a blockchain-based platform that aims to provide gamers and game developers with various services to increase the quality of their routines. Ultra is building an ecosystem where users can explore and play games, purchase and sell in-game items, watch live streams, interact with influencers, join contests, compete, and more. 

Developers, in turn, can take advantage of various SDKs and blockchain tools, enhancing their products with new features and mechanics. Ultra boasts to be the first platform that lets third-party companies publish their apps, resembling app stores. This way, gamers and developers can find each other safely and effortlessly.

UOS is a native token of Ultra’s ecosystem that can buy everything on the platform, from games and items to ads for game developers. Ultra will accept traditional forms of payment such as Paypal and credit cards as well. The token is also meant for other purposes such as betting, donations, and more.

Vulcan Forged (PYR)

Vulcan Forged is a gaming studio, marketplace, as well as game incubator that features a variety of games, such as Berserk, Forge Arena, and others. The Vulcan Forged ecosystem includes VulcanVerse, an open-world fantasy MMORPG with NFT assets. 

The blockchain-based VulcanVerse allows players to create personal adventures, look for NFTs, and fight with other players. Gamers can own and upgrade land parcels that come in the form of NFTs. By doing so, they reach a higher rank and get access to new features, tools, and collectible Vulcanites.

The platform’s native token PYR serves a few purposes, like marketplace settlement, staking, and in-game improvements. 

Final Thoughts

At the end of the day, it is up to you to decide whether you want to bet on crypto gaming tokens. Just like every other investment, they aren’t risk-free. Thorough research prior to making any financial decisions is a must. In case you choose to give one of these tokens a try, you can easily purchase them at HitBTC.

Сrypto wallet App

The HitBTC crypto wallet is a free and simple solution for beginners.

App on Android and iOS.

Fees and Limits update

We have recently updated our fees and limits. For the latest updates, please visit the fees and limits section on our website here. 

HitBTC Mobile App

Don’t forget that you can trade on our platform from your mobile device. Start today by downloading the HitBTC App on Android and iOS.

Crown Sovereign (CSOV) Trading Contest on HitBTC

CSOV

We are pleased to announce that a Crown Sovereign (CSOV) trading contest with a prize pool of  150,000 CSOV will take place on our platform from 00:00 (UTC) on December 24th to 00:00 (UTC) on January 10th, 2022.

Crown Sovereign is a Quantum resistant token to empower data sovereignty.

How to participate?

  1. Trade CSOV on HitBTC during the contest period.
  1. Sit back, relax and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period. 

Prizes and Positions

1st pos. – 45,000

2nd pos. – 30,000

3rd pos. – 22,500

4th pos. – 15,000
5th pos. – 7,500

Pos. 6-10th – 6,000 for each trader

Good Luck and Happy Trading!   

Apply now: https://hitbtc.com/trading-contest/137

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners.

November 2021 Digest

November 2021 Digest

HitBTC experts have prepared a short digest informing you of the main news that has taken place recently in the crypto market and on the HitBTC platform!

Cryptocurrency Market

BTC closed in the red 7%

ETH showed stability and closed the month +0.10%

– GameFi tokens have reached new highs in November: 

      Axie Infinity (AXS) is a blockchain-based trading and battling game that is partially owned and operated by its players.

      Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.

      Enjin Coin (ENJ) is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products.

      Gala (GALA) is an Ethereum token that powers Gala Games, a platform for blockchain gaming.

      luvium (ILV) is an open-world fantasy battle game built on the Ethereum blockchain. 

      Mobox (MBOX) is the native utility token that is used for processing transactions through the NFT gaming platform and staking for platform bonuses and incentives.

      Sandbox (SAND) is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game.

      Starlink (STARL) is the key to STARL Metaverse: 100% unlocked, renounced, and community-driven.

      Alien Worlds (TLM) is a decentralized, non-fungible token (NFT) metaverse, where players compete for scarce resources, Trilium (TLM), in a stimulated economy centered around planetary worlds.

      WAX (WAXP) is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. 

      Ultra (UOS) is serves a variety of purposes within the Ultra platform, both at the protocol (staking) and at the app level (transactions).

      Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) that invests in virtual world non-fungible tokens (NFTs).

What’s new on HitBTC:

We have also increased the leverage for these perpetual futures trading assets:

$BTC – 100x

$ETH – 75x

$ADA – 75x

$SOL – 75x

Trade Perpetual Futures now

We have added the Xanpool payments gateway to our trading platform and payments gateway to our trading platform and users in Asia can buy and sell crypto using SGD, MYR, HKD, VND, INR, PHP, THB and KRW.

  • New tokens are here:

ALCX (Alchemix) is the governance token for the self-paying loan protocol Alchemix.

ALPACA (Alpaca Finance) is the lending protocol allowing leveraged yield farming on Binance Smart Chain. 

BNX (BinaryX) is the governance token for Cyber Dragon, a Play to Earn Game based on Binance Smart Chain.

BTCBAM (Bitcoin BAM) is based on the UTXO model, it adopts the consensus mechanism of PoS and is a public blockchain.

CITY (Manchester United Fan Token) – Official Manchester City F.C. Fan Token.

DAR (Miners of Dalarnia) – The DAR token is the official token in Mines of Dalarnia and represents the game’s governance. 

ENS (Ethereum Name Service) is an open, public, decentralized identity protocol that runs on the Ethereum blockchain. 

JASMY (JasmyCoin) is the governance token for the Jasmy platform, designed to protect individual data sovereignty by blending IoT technology with blockchain.

LTNM (Bitcoin Latinum) is a bitcoin hard fork, which aims to pick up where Bitcoin’s idea of being bankless and peer-to-peer electronic cash system left off.

MIMO (Parallel Protocol) is the governance token of the Mimo DeFi platform that allows its users to enjoy liquidity from their crypto assets without selling them.

MOVR (Moonriver) is an Ethereum-compatible, smart-contract parachain on Kusama. It is intended to be a companion network to Moonbeam, where it will provide a permanently incentivized canary network.

PAR (Parallel) is a decentralized, collateral-backed synthetic asset algorithmically stabilized to the Euro currency. 

PLI (Plugin) is a decentralized Oracle Platform that provides cost effective solutions to any smart contract which runs on XinFin XDC Network Eco System. 

REQ (Request) is a utility token that ensures the performance and stability of the Request Network, a payment solution that works with all global currencies. 

SKP (Skyswapp Protocol) is a decentralized payment asset, intended to promote the use of Digital Assets and Blockchain-based technologies in the aviation, hospitality, and gaming industries.

SRX (StorjX Token) – StorX is a decentralized cloud storage network, which empowers users to store their data securely in the cloud.

STARL (Starlink) is the key to STARL Metaverse: 100% unlocked, renounced, and community-driven.

SUKU (SUKU)  is an ecosystem of purpose-driven lenders who provide microfinance opportunities to disenfranchised supply chain participants.

TONCOIN (Toncoin) is a blockchain-based ecosystem intended to give rise to a genuine Web3.0 Internet with decentralized storage, anonymous network, DNS and instant payments.

TRIBE (Tribe) is the governance token for the FEI algorithmic stablecoin, a new decentralized solution to the stablecoin market. 

UOS (Ultra) serves a variety of purposes within the Ultra platform, a blockchain-based, PC game distribution platform designed to provide both gamers and game developers with new opportunities.

USNOTA (USNOTA) is a multiplatform decentralized service used to confirm the existence of digital events such as electronic correspondences, images, and videos.

UST (Terra USD) is the decentralized and algorithmic stablecoin of the Terra blockchain. It is a scalable, yield-bearing coin that is value-pegged to the US Dollar. 

  • HIT Token Burn

In November we burned a total of 41,611,359 HIT tokens (about 15.4 million USDT).

Useful links:

Сrypto wallet App

The HitBTC crypto wallet is a free and simple solution for beginners.

App on Android and iOS.

Fees and Limits update

We have recently updated our fees and limits. For the latest updates, please visit the fees and limits section on our website here.

HitBTC Mobile App

Don’t forget that you can trade on our platform from your mobile device. Start today by downloading the HitBTC App on Android and iOS.

HitBTC Token (HIT) Token Burn Update – December 2021

HIT Token Burn

In December we burned a total of 43,903,237 HIT tokens (about 17.1 million USDT). The overall supply of HIT has officially decreased from 1,854,872,867.06 HIT to 1,810,969,630.06 HIT as a result of this recent burn.

Transaction Link: https://etherscan.io/tx/0x35e867501e4482be6e4e3fd030983b3a9c087106213de0c7b0799292ad064684


HIT token, is the foundation of the HitBTC ecosystem and is used to provide incentives and rewards to our traders and active members in our community.

Find out more about the HIT Token here.

For more information about the HIT Token read our frequently asked questions here.

HitBTC Futures

Long and Short Positions in Crypto Trading

Long and short positions are the two basic terms every trader learns at the very beginning of their trading journey. Going long is to own the asset and expect the price to increase, while shorting is waiting for the price to go down and buy back the asset at a better price to make a profit

Unlike other assets, cryptocurrencies are highly volatile, and that can work in the trader’s favor whenever they succeed in deriving profits from price fluctuations. Regardless of what trading style or strategy you’re choosing, understanding core concepts like short and long trades is a must.

Short and Long Terms Basics

In the middle of the XIX century, the terms came into general use in the US stock and commodities market. When the first crypto markets started making their appearances, short and term positions quickly became a part of the trading slang as well.

Bull traders expect the price to rise and hence hold long positions while  bears expect the price to go down, so they sell the asset, to buy it back at a better price. Now, let’s look into what this means in practice. 

In a long position, traders assume that the asset price will rise from a current point. Thus, the trader chooses to “go long” and buys the coins. At the same time, in a short position, the trader thinks the price will now start falling and “goes short”, selling the digital assets.

Long Positions Action Plan

When going long, traders use a universal profit-making strategy of buying cheaper and selling more expensive. This behavior is often typical for beginners.

Here’s how you do it:

  • Analyze the market, find an asset that is most likely to go in price in the near future, and buy it;
  • Wait until the price starts rising. Sometimes, it might take a while;
  • Sell the asset and enjoy the profit.

The trickiest part is to sell the asset on time. Considering it is not easy to predict when the price stops rising, chasing the highest price may be a losing game. If you lose the opportunity to sell for profit, you have a couple of options: One is to absorb the losses and sell their assets. Another is to wait until the price rises again.

It’s worth noting that long trades are very common and can be executed on any exchange. 

Short Positions Action Plan

When traders go short, technically, they sell the assets they do not own yet to buy it later at a lower price. Fundamentally, the short trades concept implies that the assets have to be borrowed before selling.

That’s your basic action plan when going short:

  • Analyze the market and look for the coins that might go down in price
  • Loan them from the exchange and sell them instantly
  • When the price falls, buy back the coins you sold and pay back the exchange

Short trades are not universally available, and you need to make sure your exchange is offering this service. HitBTC is one of the few exchanges that features margin trading, allowing traders to go short. 

Margin Trading

Margin trading enables traders to open short and long positions, considering they provide collateral. The collateral is a funds deposit that serves as a guarantee that the debt will be repaid. Margin trading is similar to credit leverage and practically increases a trader’s deposit by using a loan. In crypto, the coefficient may vary drastically, from 2:1 to 100:1 and higher.

Suppose everything goes according to the trader’s plan. In that case, their profit will increase proportionally to the leverage, and when the position is closed, the collateral and the fees will be paid back. Also, the remaining amount (trader’s actual profit) is deposited into the user’s account. 

If a trader’s predictions are wrong, and the asset goes in the opposite direction than the trader predicted, the exchange will liquidate positions and repay the borrowed funds to the trader once the asset price matches the loan amount. Before the liquidation, the trader will receive a margin call, meaning a request for more collateral in order to avoid complete liquidation of the position.

Moreover, traders are free to close the unsuccessful trade themselves at any period before the liquidation without losing the entire position but only a part of it. 

Longing and Shorting Crypto via Margin Trading

Longing crypto can be done by buying Bitcoin on the exchanges and selling it when the value rises. However, a more advanced and profitable way to long crypto is to use margin trading on exchanges like HitBTC. 

When longing via margin trading, one will have to put up collateral to borrow money and use it to purchase more crypto. The advantage of margin trading for long trades is that they can be exceptionally profitable, however, it does come with a certain risk.

As for shorting crypto, margin trading is the easiest and most widely-used way to do it. Benefiting from both rising and falling prices makes shorting a more flexible strategy. 

Advanced trading strategy

When trading in volatile and high risk financial assets such as crypto, you may choose to hedge, or in other words protect your portfolio from losing value, by using techniques that lessen the impact of unpredictable negative events.

If you are long on a crypto asset, and you believe that the long term value will increase, however, you analyse the market and see that there is a potential fall in price in the near future, you may use margin trading, and short the same asset using leverage. If you expect a 5-10% price decline it is a reasonable hedging strategy to short 5% of your position, so that in case the price goes down, you have some protection for the losses, and if the price continues the bullish upwards trend, you benefit as your overall position is long on the stock.

Furthermore you can protect your position by using limit orders to buy or sell at certain prices, which may often be a safer option as it executes commands with machine-like speed, and can operate when you are away from the terminal. You can read more about such orders here.

Final Thoughts

You have to keep in mind that trading is a high-risk activity. As a trader, you need to try minimizing risks while making sure you still get your profit. 

The idea of going long is in essence buying an asset expecting it to go higher in value so potential profit is unlimited when opening long positions, but you cannot lose more than you initially invested. For instance, $50 worth of coins can potentially end up being worth $50,000 if the token price goes up drastically. Meanwhile, if the price drops, you won’t lose more than $50. Those who look for higher profits can also use margin trading to go long in crypto. Using Short trading has a similar underlying mechanism, and you cannot lose more than you initially invested.

Overall finding the optimal trading strategy that is most suitable for you comes down to market analysis and personal risk tolerance. Do your own market research and choose the instruments that suit your trading profile the most. 

Сrypto wallet App

The HitBTC crypto wallet is a free and simple solution for beginners.

App on Android and iOS.

Fees and Limits update

We have recently updated our fees and limits. For the latest updates, please visit the fees and limits section on our website here. 

HitBTC Mobile App

Don’t forget that you can trade on our platform from your mobile device. Start today by downloading the HitBTC App on Android and iOS.

Kyrrex (KRRX) Trading Contest on HitBTC

Kyrrex Contest

We are pleased to announce that a Kyrrex (KRRX) trading contest with a prize pool of  10,000 KRRX will take place on our platform from 00:00 (UTC) on December 3rd to 00:00 (UTC) on December 17th, 2021.

How to participate?

  1. Trade KRRX on HitBTC during the contest period.
  1. Sit back, relax and wait until the end of the contest to see if you won. Users will be ranked on their buy and sell trade volumes during the contest period. 

Prizes and Positions

1st pos. – 3,000 KRRX

2nd pos. – 1,500 KRRX

3rd pos. – 1,000 KRRX

4th pos. – 500 KRRX

5th pos. – 400 KRRX

Good Luck and Happy Trading!

Apply now: https://hitbtc.com/trading-contest/133

Please note that we have a zero-tolerance policy towards wash trading and other unfair trading strategies. Those suspected of wash trading will be excluded from the list of winners