Traditionally, the Black Friday sale is a major shopping day in the U.S. Celebrated after Thanksgiving, the day symbolizes the start of Christmas shopping. On this day, retailers provide huge discounts to attract customers. Starting on Friday, the sales would extend into the weekend. This allows customers to shop leisurely and buy more at a lower price. An annual event, Black Friday has so far been symbolized with only online and retail shopping, but now it has shifted its focus to cryptocurrency.
Benefits for Crypto Traders
Several crypto exchanges have announced exclusive discounts to lure traders into their platforms. Some of them include free trading, bonus rewards, and limited subscriptions at lesser rates. Such benefits enable traders to access the platform at a lesser rate than the actual price. Further, speculations are rife that a few major platforms are planning an airdrop at discounted prices. Also, this period is said to increase market liquidity for traders, thereby leveraging an advantage on the constantly changing markets.
The Role of Trading Platforms
Trading platforms like TradingView, CoinGlass, and OnChain play a pivotal role during the Black Friday phase. Read on to learn how they influence traders during this period.
Record $56M CryptoPunk Sale: Publicity Stunt or Real?TradingView: Known for its features and deep insights on trading charts, this platform is packed with real-time tools, providing price trends and entry points into the market through its indicators. On sale day, the platform provides offers on its subscriptions for up to 70% off. Also, it provides an additional month of service.
CoinGlass: It shows information on derivatives data and liquidation, which helps to understand potential threats in the market. Further, the tool is useful for tracking the fluctuations in the market in real time. On Black Friday, the platform is providing its API Annual Plan at 40% off.
OnChain: It provides an analysis of the blockchain. It enables traders to monitor large activities so that they can be aware of major shifts in the market.
Conclusion
Although Black Friday provides promising profits, it also possesses potential risks. Considering market volatility, sharp fluctuations pose a high threat to traders, who could be affected severely. Also, it pushes them to a risky position. Although Black Friday enables traders to access digital assets at a discounted price, if not handled with caution, it could lead to critical situations in the market.
