Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Dear BitMax.io Users, Community Members, Partners, and Supporters,
Happy New Year!
The year 2020 was a memorable one for all of us at BitMax, our community members, and to a large extent, the entire industry. Not only did major digital assets achieve broader adoption globally, but the ever-evolving landscape also saw tremendous progress. Riding the wave of the recent market boom, BitMax has further accelerated our remarkable growth alongside the development of the broader digital asset ecosystem.
In 2020, we continued building on our innovation-focused core strength to catalyze expansion from product design to industry partnership expansion. With a client-centric mindset ingrained, our global teams have worked around the clock to enhance every possible product detail based on your feedback and suggestions to deliver a reliable and seamless customer experience.
After three years, we have expanded our global footprint to five operational centers servicing well-diversified users across 196 countries. From a holistic product offering perspective, we have completed the full integration of “Cash –Margin – Futures – Staking – DeFi Mining” that harnesses the growth benefits of a virtuous cycle for both retail users and sophisticated institutions. In 2020, the total number of BitMax.io users increased by 300%. Our platform currently supports five different languages and 11 fiat– enabled deposit services via partnerships with third-party vendors. 2020 marked a major step forward in community engagement with the launch of the “Global Community Captain Program.” Since then, we have engaged many new users through collaboration with over 100 top crypto communities. On the listing front, BitMax conducted over 20 primary listings, of which 7 auction projects consuming 20 million BTMX.
Let us recap our 2020 key accomplishments and milestones and share our thoughts on strategic priorities for 2021.
Provided immediate support for the areas hit hard by Covid-19 pandemic with the donation of medical supplies.
Introduced derivatives trading via a bitcoin perpetual contract with up to 100x leverage and a distinctive risk engine.
Strengthened institutional client penetration with dedicated services of comprehensive product suites and infrastructure upgrades.
Introduced industry-leading Staking Service which currently supports staking of 35 tokens with top performance in returns, staking ratio as well as total staked assets.
Launched Community Captain Program for active engagement with over 100 digital asset communities. Reached out to over 10 million users and laid the cornerstone for BitMax’s continued global expansion.
Hosted the first DeFi Night in Shanghai, China. The event attracted multiple leading media outlets and hundreds of seasoned professionals in the digital asset space.
Rolled out DeFi Yield Farming, a simple and easy-to-use farming product for users to maximize potential returns on capital.
Hosted the second DeFi Night in Shenzhen, China.
Provided multiple-language website support to better serve an increasingly diverse global userbase.
Launched the support for 25X leverage formargin trading of 53 tokens with distinctive features such as one-click unwind, auto borrow/repay via trading, and cross-asset collateral mode designed to enhance user funding efficiency.
Conducted auction for Terra Virtua (TVK) and Bonfida, following impressive auction results of xDai Chain, Swingby, Serum, Stafi, and Akash earlier this year. In total, 20 million BTMX were consumed with those seven successful auctions in 2020.
Hosted BitMax 2nd year anniversary celebration in Beijing, China. The event brought together over 200 blockchain investors, traders, users, and entrepreneurs and featured several rounds of in-depth discussion led by our team on key industry thought-leadership topics from the latest trends in digital asset trading to challenges and future development of DeFi.
2020 was a breakout year for BitMax, driven by our continuous innovative product development and early-mover advantage in strategic alignment with the leading projects from DeFi ecosystem. Currently, the platform lists 156 digital assets from a wide-range of industry-leading blockchain projects and offers trading services across over 200 trading pairs with an average daily trading volume of $300 million across cash, margin, and futures products. Our communities were kind enough to recognize BitMax as “the Trading Platform of the Year. “
Exceptional performance in 2020 laid a strong foundation for 2021. But there is still much work to be done. Looking back on our past three-year journey through the ups and downs of crypto markets, we have all learned the path to sustainable business growth is not only built upon timely seizing the market opportunity, but also supported by relentless execution of client-centric strategy, global operational efficiency, and continuous product and infrastructure enhancement on the longer term.
Therefore, in 2021, our strategic priorities will be centered around fine-tuning our operational strategies for accelerated global user acquisition, deepening integration of Trading-Staking-De-Fi product ecosystem, and upgrading our services for better user experience:
Scale derivatives trading and innovative staking mechanism
Improve copy trading and fiat on-ramp capabilities
Optimize platform user functionalities and expand community engagement for more aggressive retail client acquisition and retention
Enhance VIP offerings and infrastructure solution to further accelerate institutional client penetration
Broaden and deepen strategic partnership with leading players across the value chain of digital asset industry
With digital asset market capitalization and trading volume reaching an all-time high, the competition has also intensified among all the exchanges and trading platforms, which we believe will lead to a new wave of growth opportunities. Looking ahead, we are confident that our tradition of innovation, the spirit of continuous improvement, and the commitment to operational excellence will continue setting us apart from other competitors and help us reaching a top-tier global trading platform.
Client-first has always been a core part of our global strategy and execution. On behalf of our entire BitMax team, we would like to extend our sincere appreciation to all of you. Many of you have been long-time supporters and users of our platform from day one. We are deeply grateful for all your enthusiasm and feedback that helps us improve and excel.
With 2021, we see a world of opportunity for digital assets and blockchain technology to power the markets of the future. We are very excited to move forward with you!
Wish you and your loved ones a Happy and Healthy Lunar New Year!
CEO George Cao, COO Ariel Ling, and the BitMax team Feb 05, 2021
Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant put a dent in the recovery and consumer confidence. This spooked investors on a traditionally quiet day in the market following Thanksgiving, leading to one of the worst days for stocks this year.
The Dow(INDU) logged its worst day since October 2020, while the S&P 500(SPX) had its worst performance since February. The Nasdaq Composite(COMP) recorded its steepest fall since September.
But just as the market quickly bounced back from its Delta fears, history appears to be repeating itself: Investors are taking a breath and sensing a buying opportunity.
The market opened in the green, with all three indexes sharply higher. The Dow opened up 375 points, or 1.1%, while the S&P rose 1.2%. The Nasdaq was 1.5% higher.
Other asset classes that were battered Friday — notably oil and cryptocurrencies — also recovered.
US oil prices were up 6.7%, or almost $5, at $72.69 per barrel around the time of the stock market open. That doesn’t totally make up for Friday’s drop, but it takes back a chunk of it.
The global oil benchmark Brent was up 5.7% at $76.84 per barrel.
Bitcoin was up more than 5%.
“Investors are trying to make sense of the latest Omicron Covid strain, but at this point more seems to be unknown than known,” said analysts at Bespoke Investments. “Clouding things even more, we’re unlikely to have definitive answers in the immediate future.”
US equities took a dive at the open and continued their downward path in the first half hour of trading, with the Dow more some 900 points lower. Oil prices were also badly hit.
Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality. Now investors and economists worry this new variant could do the same.
Wall Street was deep in the red early Friday, with the Dow(INDU) falling 2.5%, or about 900 points, in what is shaping up to be a volatile session. The broader S&P 500(SPX) tumbled 1.8% and the Nasdaq Composite(COMP) opened down 1.3%.
It’s a shortened trading session as the New York Stock Exchange will close at 1 pm ET after being closed Thursday for Thanksgiving. Reduced trading volume during this half-day session is also likely to exacerbate the swings in the market.
Nevertheless, it could shape up to be one of the worst days of the year for stocks.
But it’s not just stocks that aregetting a beating.
Oilprices are tumbling as well. US oil futures fell 7.4%, or nearly $6, to $72.51 per barrel around the time of the stock market open. The global benchmark Brent dropped 6.8% to $76.63 per barrel.
The US dollar, measured by the ICE US Dollar Index, which pegs it against its main rivals, was down 0.6% Friday morning.
Cryptocurrencies also felt the heat, dropping across the board. Bitcoin was down nearly 7% around the time of the stock market open, according to CoinDesk data.
Meanwhile, investors are pushing into safe haven investments. The 10-year US Treasury bond got more expensive and yields fell more than 0.1 percentage points to 1.52% Friday morning. Gold prices also jumped.
An NFT is “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible,” according to a blog post from Collins, published Wednesday.
Acting like virtual signatures, NFTs prove the authenticity of an artwork as the blockchain serves as incorruptible proof of ownership, meaning that “original” artworks and their owners can always be identified via the blockchain, even if an image or video is widely replicated.
In March, a digital artwork named “Everydays: The First 5000 days” sold for $69.3 million via Christie’s, making its creator, graphic designer Mike Winkelmann, better known as Beeple, one of the art market’s most valuable living artists.
The idea of a digital revolution is also captured in another of the dictionary’s candidates for Word of the Year: “crypto,” short for “cryptocurrency,” digital money that is challenging traditional forms of money, according to Collins.
It also named “metaverse” in its blog post, following Facebook’s announcement that it would change its corporate name to Meta.
Other selected words reflect the ongoing coronavirus pandemic, with “double-vaxxed” and “hybrid working” making the shortlist.
“Climate anxiety” reflects growing concern about the damage humans are doing to the planet, while “neopronoun” is a way of referring to a person without using their name or traditional markers of gender, such as “he” and “she.” Collins gives “xe,” “ze” and “ve” as examples of neopronouns.
Rounding out the shortlist are “Regencycore,” which is defined as a fashion aesthetic inspired by the Georgian-era clothing seen in the Netflix show “Bridgerton,” and “cheugy,” which is used to say that something is out of date or uncool.
In 2020, Collins named “lockdown” its Word of the Year, for obvious reasons, and, earlier this month, Oxford Languages made “vax” its pick for 2021.
Defined as “a colloquialism meaning either vaccine or vaccination as a noun and vaccinate as a verb,” vax was relatively rare until this year, the company, which publishes the Oxford English Dictionary, said.
In September, vax appeared more than 72 times more frequently than the year before, said Oxford Languages, which analyzes news content to track changes in the English language.