$1 Billion Bitcoin Has Gone Long, Close to $250 Million ETH
February 13, 2020 2:46 pm
Ethereans got supper excited at the potential of buying eth for 10 cent, staking up bids all the way up to $1 dollar, after a glitch at Coinbase briefly sent it to that level back in 2017.
That was due to margins with a fat finger market order creating a short calling cascade that made one lucky guy a millionaire after he managed to buy the eth at literally ten cent.
To avoid that, Coinbase is this time launching longs only margins, meaning you can only buy eth with borrowed money, you can’t sell it with borrowed eth.
You can borrow only up to 3x your collateral, so you can buy 32 eth with just $2,800, for a fee of 0.02% a day with the funds lent by Coinbase.
For individuals only 23 states are available, which does not include New York, they being:
FL, TX, IL, NJ, VA, GA, AR, AK, OR, CT, NH, MA, NE, NC, OK, CO, KS, ME, SC, UT, WI, WY, WV.
For institutional investors 43 states can take part and even nine countries with Coinbase previously stating institutional investors make 60% of their trading . In addition in August they said institutional investors were sending $1 to $2 billion a month.
So the wider availability of these margins for professionals might add some more liquidity in an upwards only direction and not at 10 cent this time.
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