Bitcoin [BTC] is one of history’s greatest inventions. Its origin can be traced back to the time when iconic US investment bank Lehman Brothers Holdings Inc. filed for bankruptcy back in 2008. It was enough to shake people’s faith in the existing financial system. It was then many individuals realized the need for an asset class without any backing from centralized infrastructures. And Bitcoin couldn’t have made a more landmark debut.
Since then, the cryptocurrency has positioned itself as the market leader despite the arrival of many assets with far superior technology, speed, and usability over a decade-long period. Bitcoin has the First-Mover Advantage. Investors’ growing confidence in the resilient and robust underlying network is another factor that has helped it to retain the title of king coin for such a long-time.
With a market cap of over $1.5 trillion, Bitcoin envisions a cashless future, that has the potential to make finance more inclusive to people. The subsequent emergence of crypto assets set the stage for money to become freely movable around the world. This digital innovation, spawned by Bitcoin, is today reshaping money as both a tool and a concept.
After the astonishing rally earlier this year and the renewed bullish momentum, Bitcoin fever has once again gripped investors worldwide. Phemex is bringing this opportunity to its users. Here’s how-
Phemex’s new Bitcoin Bonanza
In less than two years since its inception, Singapore-based Phemex has surfaced as one of the most efficient and trustworthy cryptocurrency trading and investment platforms there is. It has managed to rake in well over 1.5 million active customers with a trading volume of more than $250 billion. The exchange is now gearing up for a major event that it has in store for its users.
Phemex’s Bitcoin Bonanza is essentially a new competition in which traders can now win big and lay claim to a $20,000 pool by trading the recently launched BTCUSD USD-margined contracts.
Bitcoin Bonanza encompasses three phases. The first phase is the event’s registration which will kickstart from 26 October 8:00 UTC to 28 October, 8:00 UTC. The 10-day long competition, which marks the second stage, is slated to take place from the 28th of October, 8:00 UTC to the 7th of November, 8:00 UTC.
During this stage, the price will be rewarded based on participants’ BTCUSD linear contract trading volume. The exchange is handing out a prize pool of $20,000. The top ten traders now stand a chance to receive between $500 and $8,000 each.
There are a few things to consider. Participants will have to register on Phemex to be able to join the Bitcoin Bonanza competition. Only those with main accounts will be allowed to enter in the competition, participants with sub-accounts cannot join. Inverse BTCUSD contract [BTC-margined] trading will not be counted towards this competition. Participants involved in batch account registrations, market manipulation tactics, and using API for the contest will be subjected to immediate disqualification from further competition.
Besides, Bitcoin Bonanza winners will be rewarded after a week of the competition’s conclusion, ie., from the 15th of November onwards.
