[BitMake] Urgent Bitcoin News!!

I’m Going Short. Here’s Why.

Published in

Coinmonks

4 min readJun 12, 2023

Disclaimer!!! The articles that I write are merely a journal of my investments and by no means financial advice(s).

Fundamental news surrounding crypto has been negative recently with Gary Gensler from the SEC pinning down US-listed cryptocurrency exchanges such as Binance.US. Take a look at this chart on BitMake. Bitcoin broke its $26K level and seems to be aiming at $24K next. We might be in a trading range between $25K and $26K for the next couple of days but my outlook is set bearish in the longer term.

#JustSaying

Personally, I feel that Bitcoin prices may continue to go down even further. I’m talking about below $15K. The U.S Feds previously said that they want unemployment to be at 4.5%. This reflects that their efforts to continue to tighten money supply in control inflation will be unwavering. Times will be hard.

People may be forced to sell off their remaining cryptocurrencies to pay off monthly home (and other) loan repayments.

As a trader, how might we take advantage of this?

Shorting.

I use BitMake’s futures trading. Here, I am leveraging my capital of $50USDT up to 25X (~$1,250) for a short trade.

Why BitMake?

BitMake is a platform for professional traders providing cryptocurrency derivative trading services, including spot, spot margin, and futures trading, as well as wealth management lending/borrowing tools.

For me, 2 features stand out the most.

Automatic Position Settlement:
This is my most favourite feature about BitMake which automatically settles a position on a daily basis (at UTC 0:00). This feature is an extremely valuable tool for Day Traders to manage risks effectively and make informed decisions.

In addition, note that our trades will be automatically liquidated once our risk reaches 100%. For example, if our capital used is $1,000 and our unrealized loss is at $1,000 (100%). In the first place, we should always risk manage and never reach 100%. BitMake forces this discipline.

Unified Trading Account:
One of the most distinctive features of BitMake is its unified trading account, which allows traders to collateralize multiple currencies and convert them into US dollars. This feature can be used as collateral for both spot margin and futures trading, thereby maximizing capital utilization.

How To Place An Order:

Step 1:

Transfer funds from Spot to Futures account.

Step 2:
Select the leverage:

Step 3:
Select an order type. A tip is to always use limit order so that our transaction fee will be lesser (maker’s fee) and that we do not encounter slippages.

Step 4:
Enter the amount, inclusive of leverage. For example, a $50 account with 25x leverage can access $1,250 worth of funds. Click on sell (short) or buy (long).

Done!! How easy was that?