Binance Exchange Set To Launch BNB Futures On Monday With 50X Leverage

  • Binance to launch BNB Futures on Feb 10.
  • BNB drops 6% against the dollar to set an intraday low of $20.90 USD.

An announcement released by the world’s largest cryptocurrency exchange, Binance, confirmed the launch of BNB Futures. The trading desk for the futures will launch on Monday, Feb. 10 offering traders a maximum leverage of 50X on their trades. The contracts are paired with Tether (USDT).

The launch of the futures that are backed by the native token of the exchange, presents a new market to bet against the future price of BNB. As at time of writing, the price of BNB stands at $21.67 USD, with the market offering a bullish signal in the near term.

Binance Coin (BNB) faces shock 6% dip

After a sustained uptrend in the past few days, following the BNB Futures announcement and the general bullish momentum in the cryptocurrency market, BNB witnessed a shock 6% reversal in the early hours of the US market as price dipped to $20.90 USD from an intraday high of $22.16 USD.

The price has since recovered lightly to current prices with the bulls on a target of $25.00 in the near term. One crypto trader and analyst, Keith Wareing, believes the launch of BNB Futures will further propel the coin to further heights in the coming bull run. He believes the coin will probably lead the top 10 coins in returns, explaining:

“As such, during the forthcoming bull run, their position as one as one of the most trusted and secure exchanges in the space guarantees to add demand to the BNB token, so I expect it to outperform all other top 10 assets if the Bitcoin bull run continues.”

The BNB Futures follow a slew of crypto futures added by the exchange in the near past such as the ZCash/USDT perpetual contract in early February and Tron (TRX) perpetual contracts in January offering 75X leverage.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today