Earlier this month, the major cryptocurrency exchange Binance announced the introduction of a new Basic Attention Token derivative product. Following this announcement, BAT surged by nearly 11% in the coming altcoin news but one technical index estimates that a correction could be underway soon.
A recent blog post showed that the world’s largest crypto exchange by trading volume revealed that it will launch a Basic Attention Token (BAT) perpetual contract on its crypto derivatives trading platform, Binance Futures. This instrument will be leveraged and paired against the stablecoin Tether (USDT).
The BAT/USDT perpetual swap is scheduled to start trading on February 13 at 08:00 AM (UTC) where traders will be able to select any leverage from 1x to 50x.
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As the co-founder and CEO of Binance Changpeng Zhao said, the high leverage on this contract makes it able to meet professional traders’ demand for such products.
“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance,” he explained.
The announcement about Basic Attention Token (BAT) and its price appears to have sparked a lot of interest among the market participants in the BAT which are pushing its price up significantly. Despite the bullish impulse, however, the cryptocurrency could face a retracement.
As the launch date of the BAT perpetual contract nears, the demand for this cryptocurrency could increase. And if Basic Attention Token is able to close above the recent high of $0.322, it could climb to $0.369 or $0.394.
Currently, BAT is ranked at the 31th position on the total cryptocurrency market cap chart, and is up by 2% on the day, trading at a price of $0.28. Its volume is significant and the cryptocurrency could post even more gains in the future as its acceptance on exchanges goes smoothly.
Besides this altcoin, we can see that almost every coin is in the green today. The Bitcoin price news, for instance, are showing that BTC managed to rise by 3% only this afternoon and is at $10,135, again in the five digit zone and with a stable momentum.
The biggest gainer in the top 10 is Tezos (XTZ) which added 12% to its price only today, getting closer to the $4 mark.
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