Mishaboar, a key figure in Dogecoin‘s development and community, has issued a word of caution to fellow Dogecoin investors. He advises against delving into the cryptocurrency’s leverages and derivatives market due to its present instability and unpredictability. The potential risk is great, Mishaboar stresses, as investors may incur significant losses.
Mishaboar Says “Stay Away” From Crypto Derivatives
Mishaboar, a developer on the Dogecoin project, cautioned investors and traders in a recent post not to use leverage or derivatives in crypto investments related to Dogecoin. This advice was given as excitement builds within the Dogecoin community due to Coinbase’s potential upcoming listing of Dogecoin futures in April.
Mishaboar strongly advises DOGE investors to stay clear of the leverages and derivatives market, especially in the upcoming weeks, due to its significantly increased risk compared to regular cryptocurrency trading. When asked for further explanation, Mishaboar emphasized that crypto investments come with inherent risks, but the risks associated with leverages and derivatives are too great to be acceptable.
In a market with unstable assets, the disadvantages and risks you take on aren’t justified. (Mishaboar’s original statement: “The unfairness and risk you expose yourself to is not worth it in a market where assets are already so volatile.”)
Trading in this cryptocurrency market is similar to gambling in a biased casino, where traders face disadvantages. Essentially, they compete not only against the casino owners but also against market makers who possess advantages such as access to liquidity.
Mishaboar shared his rationale behind warning traders to avoid the derivatives market due to the expected instability in the market. He pointed to the upcoming Bitcoin halving as a possible cause for market turmoil, emphasizing that uncertainty and volatility would greatly increase risks.
The revelation came with the acknowledgement that the surge of fresh market liquidity and potential conflicts of interest among exchanges would further complicate efforts to forecast market trends. Additionally, investors dealing with Dogecoin for trade purposes face potential risks leading to substantial losses.
Coinbase To List Dogecoin And Pepe Futures This April
In a recent blog update, Coinbase, a well-known American cryptocurrency exchange, revealed plans to add Dogecoin futures to its platform towards the end of April. This decision aligns with Coinbase’s strategic goal to expand their futures contracts offering, catering to an increasingly larger community of traders.
Furthermore, the announcement coincides with Coinbase introducing Bitcoin Cash and Litecoin futures contracts. By extending its services to these cryptocurrencies, the exchange aims to enhance digital asset trading opportunities and allow traders to engage with smaller investments under regulatory supervision.
Coinbase announced on Thursday via a blog post that it intends to add support for Pepe (PEPE), the widely used frog meme coin, to its perpetual futures market starting April 18. This means that traders can begin buying and selling PEPE futures labeled 1000PEPE-PERP on both Coinbase International Exchange and Coinbase Advanced from this date. Additionally, Coinbase is set to list Dogecoin futures soon.
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2024-04-12 19:41