Cardano Futures Are Here: Binance Launches Perpetual Swaps
Cardano made headlines not too long ago when Charles Hoskinson said that his team is currently working with a consortium in the EU to address use cases for DLT.
The group’s efforts point to one of the hottest tech trends in 2020, and the companies are going on with the exploration of DLT based tech.
Cardano Futures are here
Binance Futures is the crypto futures trading platform of Binance, and now, the entity introduces perpetual contracts for Cardano.
The platform’s users now have the option to trade ADA with as much as 75x leverage.
The exchange began offering the new trading option on January 31st. The ADA contract is paired against Tether (USDT), which is the world’s largest stablecoin.
This marks the first time when a crypto exchange introduces a perpetual contract for the ADA token, up 9% since its futures launch, moving from $0.0533 to $0.0581, according to the online publication the Daily Hodl.
It’s also worth noting that Binance Futures listed the XRP/USDT perpetual contract recently, and XRP’s price was boosted with 10%.
Futures trading is an extremely risky activity, according to Binance’s warning with the potential for massive gains and devastating losses, as the online publication mentioned above notes.
Here’s Binance’s official announcement: ‘Binance Futures will launch ADA/USDT perpetual contract and trading opens on 2020/01/31 08:00 AM (UTC). Users will be able to select between 1-75x leverage.’
ADA in the crypto market
As you probably already know, last year was filled by massive expectations regarding the price of ADA, and the coin seems to have failed most of them.
Ahead of the Cardano Shelley update predictions were revealing that we would be witnessing a massive rise in the price of the ADA token, but things were not quite like that.
Anyway, despite the huge market volatility, predictions continue to be bullish for 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.