Binance Announces New Futures Contracts for Major Cryptocurrencies
In a significant development for the cryptocurrency market, Binance, the world’s largest crypto exchange, has announced the launch of USD-M and COIN-M Quarterly 1227 Delivery Contracts. This announcement impacts a wide array of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), BNB, Cardano (ADA), Chainlink (LINK), Bitcoin Cash (BCH), XRP, Polkadot (DOT), and Litecoin (LTC).
Key Details of Binance’s Announcement
On June 19, Binance officially stated that the new futures contracts will be available for trading following the expiry and delivery of the USD-M and COIN-M Quarterly 0628 Delivery Contracts on June 28, 2024. The introduction of these new contracts is set to occur a few hours after the settlement of the expiring contracts at 08:00 on June 28.
Contract Specifications
Tick Size and Leverage:
USD-M BTC and ETH Quarterly 1227 Contracts: Tick size of 0.1 for BTC and 0.01 for ETH, with a maximum leverage of 50x.
COIN-M BTC, ETH, BNB, ADA, LINK, BCH, XRP, DOT, and LTC Quarterly 1227 Contracts:
BTC and ETH futures will have a tick size of 0.1 and 0.01 respectively, with a maximum leverage of 50x.
Other cryptocurrencies (BNB, ADA, LINK, BCH, XRP, DOT, and LTC) will have a tick size of 0.01 for BNB, BCH, and LTC; 0.0001 for ADA and XRP; and 0.001 for LINK and DOT, with a maximum leverage of 20x.
Market Reactions and Future Outlook
XRP and ADA’s Current Performance
XRP and ADA have shown relatively weak performance compared to other major cryptocurrencies like BTC and ETH. Both altcoins are currently at lower support levels, which has caused concern among investors.
Cardano (ADA): The price of ADA has seen a significant decline, dropping to $0.36 recently. Despite this, ADA has shown a slight recovery, currently trading near $0.40, a level last seen in December before the bull market. A 5% price increase in the last 24 hours has sparked hopes of a potential recovery in the coming weeks.
XRP: Similarly, XRP has dropped to a yearly low, erasing all gains. The current trading price is $0.493, below the key psychological support level. Over the last 24 hours, XRP has traded between $0.4773 and $0.5078.
Trader Sentiment
Futures trading data over the past 24 hours indicate mixed reactions from traders of XRP and ADA. This uncertainty is primarily driven by concerns surrounding the major options expiry on June 28.
Conclusion
The upcoming launch of Binance’s new futures contracts is a pivotal event for the cryptocurrency market, particularly for XRP, ADA, and other major cryptocurrencies. As these contracts become available, traders and investors will be closely monitoring market movements and sentiment shifts, especially given the mixed reactions seen in recent futures trading data. The performance of XRP and ADA in the coming weeks will be crucial as they strive to recover from current lows and potentially achieve significant price rallies.
Notice:
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