Coinbase International kicks off trading of derivatives on POL and DOGS

Coinbase International has just announced that it will soon introduce new futures trading contracts for the crypto POL and DOGS.

The international platform, which represents a branch of the US exchange dedicated to institutional clients, will open trading for POL-PERP and DOGS-PERP on September 19 at 11:30 AM (UTC+2).

This move reflects Coinbase’s commitment to the continuous updating of its speculative products, offering its customers a wide choice in the spot and derivatives market.

Let’s see all the details below.

Coinbase International launches perpetual future trading on POL and DOGS

Coinbase International, section of the crypto exchange dedicated to institutional trading, has announced the introduction of two derivative contracts for the tokens POL and DOGS.

Starting from September 19 at 11:30 AM (Italian time), users of the platform will be able to take advantage of new perpetual futures contracts on these two cryptocurrencies.

This means that they will be able to buy or sell on leverage POL and DOGS, without a specific expiration date, obviously paying a funding fee.

Unlike futures or options with expiration, these trading instruments potentially allow a position to remain open for a long time.

The two PERP contracts (a term used to indicate the absence of an expiration date) will also be introduced on the broker Coinbase Advanced, dedicated to professional traders.

The choice of Coinbase to open up to perpetual futures trading on POL and DOGS allows attracting new institutional and/or professional non-U.S. users.

Both coins are currently under the spotlight of the crypto market since they have been introduced recently.

POL was recently replaced by the previous crypto MATIC after a long process of update and rebranding.

DOGS, on the other hand, is a new memecoin in the Telegram ecosystem, launched through an airdrop to all users of the social media.

Coinbase International consolidates its position in the exchange market by expanding its trading options thanks to two new speculative instruments.

An excellent flow of volumes is expected on the first day of trading for these perpetual contracts, likely exceeding 10 million dollars per token.

The move by the platform is certainly well regarded by the community because it generates more opportunities for interaction with the two cryptocurrencies, creating more depth in the market.

Crypto trading: price analysis of POL and DOGS

The entry of POL and DOGS into the institutional exchanges of Coinbase International for derivative trading could boost the price of the two crypto.

Although the International platform has less traction than the global exchange, it is undeniable that the Coinbase brand represents an excellent showcase to be exposed on.

On one hand, POL (formerly MATIC) could seize the opportunity to reverse the downward trend that has affected the crypto chart since March.

In just over 6 months POL has lost about 70% of its value, dropping from 1.29 dollars to 0.378 dollars.

The quotations have consistently traveled below the daily EMA 50, demonstrating the strength of the bear in this market phase.

Now we find ourselves at a point of potential rebound, and the listing on Coinbase International provides an opportunity for the bull to reverse the trading scenario.

Falling below the 0.35 dollar mark would invalidate the bullish thesis, while we would have a confirmation of the reversal above 0.60 dollars.

Even for DOGS, the entry into the futures trading floors of Coinbase International could trigger a bull phase for the memecoin.

The cryptocurrency, born on August 28 after an airdrop to the Telegram community, has already lost 34% of its value in the midst of a generally weak market.

In the coming days, you will have an opportunity to recover from your questionable debut, bringing the chart trend back to a positive direction.

The first bullish target is that of 0.011 dollars, while to invalidate the bullish thesis we should see a drop below the 0.009 dollar mark.

The market capitalization of DOGS is approximately 500 million dollars, a rather remarkable figure for a memecoin born 16 days ago.

Attention because its price action could surprise (both bull and bear) even the most prepared users in the field of cryptocurrency trading.

Trend in the market of the Coinbase (COIN) stock

The listing of POL and DOGS futures trading contracts on Coinbase International strengthens the company’s solidity and at the same time offers new opportunities for the appreciation of its stock on the Nasdaq market.

COIN is currently in a rather delicate graphical area, from where it could generate another leg down or trigger a rebound pump.

Since July 23, it has lost about 40% of its value to date, dropping from the local top of 272 dollars to the current threshold of 162 dollars.

Clearly the stock has suffered significantly from the general decline in the cryptocurrency market in recent months. All in all, however, the Coinbase stock has shown particular resilience in Q2 2024, without losing excessive ground in the market.

The introduction of new trading opportunities with POL and DOGS represents an opportunity to expand one’s services and attract new clients, supporting a new narrative for the growth of Coinbase in the stock market.

As of today, the company is worth about 40 billion dollars on the Nasdaq. If it were a cryptocurrency, it would rank 6th in market capitalization, immediately behind Solana.

Regarding the Coinbase stock, it is interesting to note how Paul Grewal, Chief Legal Officer of the company, sold a large amount of shares shortly after the July top.

His selling timing was impeccable as he sold thousands of COIN shares above 230 dollars, before a strong bear wave.

We will see if in the coming days Grewal will also return to buying, supporting the possible rally of the asset.