- 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.
Anybody else like $BNB?
— The Crypto Dog📈 (@TheCryptoDog) February 7, 2020
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.