Binance reveals the availability of the “Short” option on the BNB cryptocurrency
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Answer Binance reveals the availability of the “Short” option on the BNB cryptocurrency
Binance, one of the world’s leading cryptocurrency exchanges, has announced its intention to launch a perpetual contract for the BNB/USDT trading pair.
Which will basically enable users to make the (short) option available on the BNB cryptocurrency.
The options available before the new announcement were only the option to trade BNB on the platform in the usual way.
Availability of the (Short) option on BNB cryptocurrency with 50X leverage
In an exciting move, Binance announced that it will launch another permanent contract for the futures platform, this time with the platform’s currency itself, BNB.
From February 10th at 8:00 AM (UTC), users will actually be able to place highly leveraged positions on BNB against USDT.
Read:Once again, the Chinese company “Meitu” buys more Bitcoin and Ethereum and doubles its investments
Traders will use leverage from 1x to 50x.
A perpetual contract means that it has no expiration date.
In other words, one can open and close it whenever necessary, unlike traditional futures contracts that have a predetermined expiration date.
Explanation of Bitcoin futures and the most important terms of the Binance Futures platform
Additionally, Binance said it will apply a pricing cap of -1% to 1% on the tag price for the first 15 minutes after trading begins.
This is done to avoid market manipulation.
Mr. Changpeng Zhao, CEO of Binance, commented:
“Be careful what you wish for.”
What interest rate do you get from your bank?
– CZ Binance 🔶🔶🔶 (cz_binance) February 7, 2020
Binance and the trust factor?
The Binance futures platform is growing steadily and Binance is doing a lot of work to improve it.
It started with only one trading pair (BTC/USDT), and currently it has 17 pairs including BNB/USDT.
Additionally, the trading volume has become quite impressive as the BTC/USDT trading pair alone has generated nearly $1.9 billion in trading volume over the past 24 hours.
Read:Charles Schwab promises to offer crypto services in the US if regulatory clarity is achieved
So adding BNB/USDT as a perpetual contract could be a sign of trying to attract trust in Binance.
This provides traders with a mechanism to effectively bid on the falling price of Binance coin.
It is worth noting that BNB is one of the most traded cryptocurrencies on the platform and adding it to the futures platform makes a lot of sense in terms of earning potential.
Read also:
What is the role of smart contracts in blockchain technology?
What are bitcoin futures contracts? Guide for beginners
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