After the Federal Open Market Committee (FOMC) statement and presser with Fed Chairman Jerome Powell on June 14 announced that the central bank will stop rate hikes for June, the cryptocurrency market has remained turbulent.

This action met investors' expectations, but the bullish momentum in the #cryptocurrency market hasn't yet materialised. Powell added that at least two such rate increases would be required in the future.

After the #FOMC statement, the price of bitcoin reversed to a 24-hour low of $25,791, after rising earlier in the day and trading above $26,000. According to certain analysts, the current state of the #BTC #derivatives data makes a decline to $25,000 inevitable.

Binance continues to expand its range of trading products by listing new perpetual futures trading pairs like POLYX/USDT and GAS/USDT. These offerings provide traders with more options to engage in cryptocurrency derivatives trading with leverage, and it demonstrates Binance's commitment to serving the evolving needs of its user base. Traders should exercise caution when using leverage, as it can amplify both gains and losses. It's important to have a clear understanding of the risks involved in leveraged trading.📈📉 #BinanceSquare #cryptocurrency #trading #derivatives

Genesis Halts Withdrawals After Court Orders to Pay $175M to FTX
#Genesis will provide #FTX $175 million.
The settlement between the troubled #cryptocurrency startups FTX and GGC was approved on October 11 by the Southern District of New York of the United States Bankruptcy Court. The $175 million settlement sum with FTX may be discharged by Genesis debtors under the terms of this agreement. so opening a crucial chapter in the current legal conflict.
Genesis considers this court-approved settlement to be "fair and equitable". It seeks to avoid the "protracted litigation" whose result is still "inherently uncertain." Creditors of FTX, on the other hand, expressed dissatisfaction and urged the Official Committee of Unsecured Creditors of FTX to contest this deal.
The FTX crash in November 2022, which sent a financial shockwave through the cryptocurrency sector, serves as the setting for this courtroom drama. Due to its financial ties to FTX, Genesis found itself in a bind. It lost access to $175 million worth of cryptocurrency assets for its #derivatives business.

The ether-bitcoin ratio futures will be offered by CME Group, a #derivatives exchange that enables customers to trade a variety of financial instruments, allowing consumers to speculate and transact on the price correlation between the two digital #currencies.

By the end of the next month, the derivatives exchange claimed it will introduce the possibility of investing in the new futures. The initiative is "pending #regulatory review," according to a statement from CME.

- **#Binance Futures Launching #SEI Perpetual Contract**: Binance Futures, a division of the Binance cryptocurrency exchange, is set to launch the USDⓈ-M SEI perpetual contract.

- **Launch Date and Time**: The launch is scheduled for August 17, 2023, at 02:30 (UTC). This new trading option will allow users to trade SEI #derivatives with ease.

- **Contract Details**: The USDⓈ-M SEI #perpetual contract will offer traders up to 20x leverage. SEI will serve as the underlying asset for the contract, while USDT (Tether) will be the settlement asset.

- **24/7 Trading Hours**: The new contract will provide #traders with continuous 24/7 trading hours, enabling them to engage in trading activities around the clock.

- **Multi-Assets Mode Supported**: The contract will also support multi-assets mode, providing traders with flexibility in managing their positions and portfolio.

This new offering from Binance Futures aims to provide traders with increased opportunities to trade SEI derivatives with leverage, catering to both experienced and novice traders looking to engage in crypto derivatives trading.

$SUI $SEI $CYBER