Coinbase adds support for BounceBit, Conflux, and Neo perpetual futures, causing price jumps ahead of trading launch on September 5.
Coinbase International Exchange has announced that it will be adding perpetual futures for BounceBit (BB), Conflux (CFX), and Neo (NEO).
These new markets will begin trading on or after 9:30 a.m. UTC on September 5, 2024.
Coinbase Expands Perpetual Futures with BounceBit, Conflux, and Neo
The cryptocurrency exchange Coinbase is expanding its perpetual futures offerings by adding BounceBit (BB), Conflux (CFX), and Neo (NEO).
According to the announcement, trading for the BB-PERP, CFX-PERP, and NEO-PERP markets is set to begin on or after 9:30 a.m. UTC on September 5.
These new additions are part of Coinbase’s strategy to diversify its product offerings and provide its global users with more trading opportunities.
Introducing perpetual futures for these cryptocurrencies will allow traders to access these assets in a leveraged environment, which could lead to increased market activity.
The new listings are expected to draw interest from traders looking to take advantage of price movements in these digital assets.
As perpetual futures have no expiration date, traders can keep their positions open as long as they meet the necessary margin requirements.
Full-Trading Mode Now Available for RENDER, SAGA, and T Markets
In addition, Coinbase has announced that the perpetual futures markets for RENDER, SAGA, and T have now moved to full-trading mode.
This means that limit, market, stop, and stop limit orders are now available, allowing traders to execute a wider range of strategies.
This marks the end of the phased launch for these markets, which initially began in post-only mode.
Before the activation of full trading, the RENDER-PERP, SAGA-PERP, and T-PERP markets were in post-only mode, where users could place and cancel limit orders without any trades being executed.
This cautious approach was implemented for at least one minute to ensure a smooth transition and to allow market participants to prepare for active trading.
Price Surges for BounceBit, Conflux, and Neo
Following the announcements by Coinbase, BounceBit, Conflux, and Neo all saw price increases. For example, despite moving sideways, the price of BB surged by over 10%.
At the time of reporting, BB was trading at $0.2904, which is a 12.54% increase from its intra-day low.
Conflux (CFX) also experienced significant gains, soaring to an intra-day high of $0.1408. At the time of reporting, CFX was trading at $0.1406, a 9.55% increase.
Neo (NEO) similarly saw a price increase, rising by over 5% to trade at $9.99 as of the writing time.
These price jumps can be attributed to the support from Coinbase, which, once it goes live, could pave the way for a substantial rally in these cryptocurrencies.
