Coinbase Adds Support For These 3 Major Crypto; Will It Spark Price Rally?

Coinbase International Exchange has announced the addition of perpetual futures for BounceBit (BB), Conflux (CFX), and Neo (NEO). These markets will officially open for trading on or after 9:30 am UTC on September 5, 2024.

Coinbase Adds Support for BounceBit, Conflux, and Neo

Crypto exchange Coinbase is set to expand its perpetual futures offerings by adding support for BounceBit (BB), Conflux (CFX), and Neo (NEO). According to the report, trading for the BB-PERP, CFX-PERP, and NEO-PERP markets will commence on or after 9:30 a.m. UTC on September 5.

These additions reflect the exchange’s ongoing efforts to diversify its product offerings and provide more trading opportunities for its global users.

The introduction of perpetual futures for BounceBit, Conflux, and Neo will enable traders to access these assets in a leveraged environment, potentially driving increased market activity. The new listings are anticipated to attract interest from traders seeking to capitalize on the price movements of these digital assets. As perpetual futures allow for trading without expiration, participants can maintain open positions for as long as they meet margin requirements.

Full-Trading Mode for RENDER, SAGA, and T Markets

Concurrently, Coinbase today announced the perpetual futures markets for RENDER, SAGA, and T had transitioned to full-trading mode. Consequently, the limit, market, stop, and stop limit orders are now operational, allowing traders to execute a broader range of strategies.

This development marks the completion of the phased launch for these markets, following their initial entry into post-only mode. Before the full-trading activation, RENDER-PERP, SAGA-PERP, and T-PERP markets were temporarily in post-only mode, where users could post and cancel limit orders without any matches occurring.

The crypto exchanges’s precautionary step was in place for at least one minute to ensure a smooth transition and allow market participants to prepare for active trading.

BounceBit, Conflux, and Neo Prices To Rally?

After the crypto exchange’s announcements, BounceBit, Conflux, and Neo experienced price surges. The BB price, for instance, despite moving in a sideways direction, surged by over 10%. At press time, BB was trading at $0.2904, a 12.54% surge from the intra-day low.

Conflux (CFX), too, recorded significant gains, skyrocketing to an intra-day high of $0.1408. At press time, CFX was trading at $0.1406, a 9.55% surge.

Neo (NEO) ‘s price was not left behind, rallying over 5% as of writing time to trade at $9.99. These surges are attributable to the Coinbase support, which, when goes live, may set the stage for a parabolic rally for the cryptos. 

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.