Coinbase Adds Support For These 3 Major Cryptos; Will It Spark Price Rally?
Last Updated on August 29, 2024 by Michael Motha
Coinbase International Exchange has revealed that it will be adding perpetual futures for BounceBit (BB), Conflux (CFX), and Neo (NEO). Trading for these new markets is set to commence on or after 9:30 a.m. UTC on September 5, 2024.
Coinbase Expands Perpetual Futures to Include BounceBit, Conflux, and Neo
Coinbase is enhancing its perpetual futures offerings by introducing new support for BounceBit (BB), Conflux (CFX), and Neo (NEO). The BB-PERP, CFX-PERP, and NEO-PERP markets will be available for trading on or after 9:30 a.m. UTC on September 5, 2024.
This expansion highlights Coinbase’s commitment to diversifying its product range and providing additional trading opportunities to its global user base. The addition of perpetual futures for these assets will allow traders to engage with them in a leveraged trading environment, potentially increasing market activity. With perpetual futures, traders can maintain positions indefinitely as long as they meet margin requirements, offering a new avenue for capitalizing on price movements.
RENDER, SAGA, and T Markets Transition to Full-Trading Mode
Coinbase has announced that the perpetual futures markets for RENDER, SAGA, and T have now transitioned to full-trading mode. Traders can now place limit, market, stop, and stop-limit orders, enabling a wider range of trading strategies.
This move completes the phased rollout of these markets, which initially entered post-only mode. During this phase, users could post and cancel limit orders without any executions. The precautionary post-only period, lasting at least one minute, was implemented to ensure a smooth transition and to give market participants time to prepare for active trading.
BounceBit, Conflux, and Neo Prices Surge Following Coinbase Announcements
Following Coinbase’s recent announcements, BounceBit, Conflux, and Neo have all seen notable price increases. BounceBit (BB) experienced a significant rise of over 10%, trading at $0.2904—an increase of 12.54% from its intra-day low.
Conflux (CFX) also saw impressive gains, reaching an intra-day high of $0.1408 and trading at $0.1406, marking a 9.55% rise.
Neo (NEO) joined the rally, with its price climbing over 5% to $9.99. These price jumps are attributed to the upcoming Coinbase support, which could potentially drive further substantial growth for these cryptocurrencies once the new markets go live.
Michael Motha is the Founder and Managing Director of CryptoNewsOnlineHub and works as a freelance Project Head. He is a dedicated Crypto enthusiast and researcher focusing on blockchain trends, digital assets, and emerging crypto technologies. With academic qualifications in Physics, MBA, and B.Ed from Loyola College, Chennai, he brings clarity to complex crypto topics through insightful content. Outside of crypto, he enjoys blogging, travel, music, and sports such as badminton and tennis.
