Cryptocurrency derivatives exchange Bybit celebrates its third year in business on Dec 2 with the launch of its ‘Jingle Brawl’ trading competition. Kicking off its triennial year, Bybit has put a prize pool of 25 BTC up for grabs, as well as Christmas hampers for the top one hundred participants, and a pair of iPhone 12 Pros for the two sharpest traders.
‘Jingle Brawl’ Trading Competition Begins on Bybit
Users can register for the trading competition any time between Dec 2-22, while the games themselves will run from Dec 12-23. Anyone holding 0.1 BTC or more on Bybit is eligible to take part in the competition, and profit/loss calculations will be based on this figure for all participants.
The top one hundred names on the leaderboard will each receive a Bybit Xmas hamper containing festive sweaters, socks and mugs. In addition to a share of the 25 BTC prize pool, the two users who record the highest profit/loss percentages will each win an iPhone 12 Pro. A further ten iPhone 12 Pros will be made available for users who participate in Bybit’s social media campaign for the event.
Bybit co-founder and CEO Ben Zhou said that while 2020 had presented an unusual year, he and his team were humbled by the continued tendency for their community of traders to turn out in numbers on the derivatives platform.
Announcing the commencement of the competition, Zhou said:
"As we enter our third year and head into this holiday season, we at Bybit are humbled by and grateful for the usual support our community of traders has given us in this unusual year.
We want to use this jingle-bells-themed special event to add a little warmth and capture some of that holiday magic for our traders."
Bybit Launches Quarterly Futures
Regarding derivatives, the trading packages on offer on the Bybit platform got a shot in the arm in November when the launch of quarterly Bitcoin futures was announced. Bitcoin futures contracts allow traders to speculate on the price of BTC by a specific date. Bybit’s new quarterly futures will be settled on Dec 25, 2020, and March 26, 2021.
In October, investment firm Wilshire Phoenix released its Efficiency Price Discovery report, which examined the impact of CME Bitcoin Futures Trading on the price of Bitcoin. The study concluded that futures trading was growing to become a significant factor in influencing the spot price of BTC. The report stated:
"CME Bitcoin futures have grown to become significant, this is not only demonstrated through trading volume and open interest, but also by influence on spot price formation."
Bybit was founded in Singapore in 2018, and has since gone on to attract over one million registered users. In November Bybit signed a partnership with German soccer giant Borussia Dortmund which was reported to be focused on mutual brand outreach.