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Bitcoin is still trading flat, now in its third day of range-bound market movement. Prices have been moving between $250 and $259 during the past two days. While today we got a short-lived rally to $263, the sellers quickly pushed the pair back below the $259 mark as we got closer to the end of the session. We are currently quoted at $257, again.
The important level on the top side remains to be $300. A bitcoin break above here could usher in a new uptrend. On the lower end, a decisive break below the $243 swing low may spark a downtrend in prices. Notable support levels below here can be found at $238, followed by $225 and $210.
Changes are coming to Chinese bitcoin exchange Huobi. The company’s USD trading platform BitYes has introduced two new functions, margin trading and P2P lending. Traders will now be able to trade with up to 3:1 leverage for an interest rate ”as low as 0.01% per day”. The ”as low as” 0.01% number is probably the best case scenario. The actual figure will depend on the peer-to-peer lending marketplace. BitYes has a market maker/taker trading model. Traders that use limit orders to get in and out of the market pay 0 fee while the ”takers” of liquidity get charged from 0.08% to 0.20%. The current fees structure seems to be a promotion valid until 31st of March.
Huobi is making changes to its futures platform BitVC as well. The firm ditched Litecoin futures and will focus on bitcoin futures exclusively from now on. Huobi will continue to offer LTC trading in its spot trading exchange. Litecoin is the third most popular cryptocurrency with a market cap of $65 million. This compares to bitcoin’s $3.6 Billion. The fees on BitVC are 0% for market makers and 0.03% for market takers. The company offers weekly, biweekly and quarterly bitcoin futures contracts.
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