Coinbase Adds Support For These 3 Major Cryptos; Will It Spark Price Rally?

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As a seasoned crypto investor with a knack for spotting trends and capitalizing on opportunities, I find the recent announcements by Coinbase International Exchange particularly intriguing. The addition of perpetual futures for BounceBit (BB), Conflux (CFX), and Neo (NEO) is a strategic move that reflects the exchange’s commitment to diversifying its product offerings and catering to the needs of global traders.

Coinbase International is introducing futures contracts for BounceBit (BB), Conflux (CFX), and Neo (NEO) starting from September 5, 2024, at 9:30 am UTC or later. These markets will be available for trading during this period.

Coinbase Adds Support for BounceBit, Conflux, and Neo

Coinbase plans to broaden its selection of perpetual futures contracts by introducing support for BounceBit (BB), Conflux (CFX), and Neo (NEO) starting from September 5, with trading in BB-Future, CFX-Future, and NEO-Future markets expected to begin after 9:30 a.m. UTC on that day.

These modifications demonstrate the exchange’s continuous commitment to expanding its product variety and offering a wider range of trading possibilities to its international customers.

Introducing Perpetual Futures for BounceBit, Conflux, and Neo means traders can now engage with these assets in a leveraged market scenario, possibly leading to heightened trading activity. The upcoming listings are expected to pique the curiosity of traders looking to profit from fluctuations in the value of these digital currencies. Since perpetual futures do not have an expiration date, traders can keep their positions open as long as they meet margin conditions.

Full-Trading Mode for RENDER, SAGA, and T Markets

Simultaneously, Coinbase has moved its perpetual futures markets for RENDER, SAGA, and T into full operation mode today. As a result, traders can now use limit, market, stop, and stop limit orders, expanding the variety of trading strategies they can employ.

In simpler terms, this development signifies that we’ve fully launched these markets after a gradual rollout following their initial introduction in a ‘post-only’ phase. Before the active trading was enabled, markets such as RENDER-PERP, SAGA-PERP, and T-PERP were operating in a temporary ‘post-only’ mode, allowing users to post and cancel limit orders without any trades taking place.

To guarantee a seamless shift and give market participants time to ready themselves for active trading, the crypto exchange implemented a safety measure that lasted for at least one minute.

BounceBit, Conflux, and Neo Prices To Rally?

Following the crypto exchange’s announcements, BounceBit, Conflux, and Neo saw an increase in their prices. For example, BounceBit, which had been moving sideways, experienced a jump of more than 10%. Currently, at the time of writing, BounceBit is being traded at $0.2904, representing a 12.54% rise from its lowest price during the day.

Similarly to CFX, there was a notable increase, reaching a peak of $0.1408 during the day. Currently, XRP is being traded at $0.1406, marking a 9.55% rise.

The price of Neo (NEO) has not lagged behind, experiencing a 5% increase as of now, trading at $9.99. These spikes can be attributed to the upcoming launch of Coinbase support, which could potentially ignite a steep upward trend for cryptocurrencies.

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2024-08-29 20:24