United States – Bitcoin or BTC stays at a stable price of around $19,000, as per CoinDesk. On another note, Luxor offers byproducts for BTC miners.
Bitcoin began the week with a decrease of 1%, dropping under $20,000. The drop happened after consuming the weekend trading, which was in a range between $19,200 to $19,500. Aside from cryptocurrencies, the US stock futures also dropped after the job report on Friday, October 11, along with the probable escalation of the war between Ukraine and Russia. Another stock that dropped its value is European stocks, and it’s been falling for four days. On the other hand, investors look forward to a big week where there are earnings, especially on the Consumer Price Index report.
Bitcoin’s competitor also experienced a price drop, but the changes were not as significant as Bitcoin’s. Aside from the price performance, mining Bitcoin also was challenging. New BTC blocks were discovered while mining, growing by 13.55% to 35.61 trillion. It’s the biggest increase recorded since May 13 last year, as per WuBlockchain’s Twitter feed.
On a side note, Luxor, a cryptocurrency service provider, offered derivatives for BTC miners to hedge peril.
Luxor is a cryptocurrency software and services provider introducing a new product for companies and investors. This Luxor Hasprice PDF product will let them lock in incomes by utilizing BTC mining derivatives.
The product is traded OTC or over-the-counter, and it’s a pioneer, as per the statement. In this product, the funding instrument will be according to hashprice, a term created by Luxor.
The hash price refers to the BTC mining income miners, who earn from a hashrate unit. Moreover, it calculates power over a particular period.
Participants revealed to the sector need new methods of hedging the disadvantages due to the bear market’s disaster in the Bitcoin mining industry. The derivative products utilized in TradFi or Traditional Finance will protect the funds from market downturns.
As per the statement, Luxor Hashprice PDF will lead a new era of funding instruments for BTC miners and provide them with the necessary tool to protect the mining operations. Aside from that, it will support investment firms to gain exposure in the crypto mining industry, like hedge funds and prop traders.
Luxor’s contracts will be in US dollars, providing sellers and buyers the option to resolve these in the US dollar equivalent or Bitcoin. This provider will enable the settlement process and order matchmaking as it adapts the contract durations, depending on the customer’s needs.