Are Altcoins About To Rally And Drag BTC Along

Binance bitcoin futures platform officially launched after the user-based testing phase as we reported in the latest cryptocurrency news earlier.

As confirmed on social media, Binance is now live with its Bitcoin futures platform and even offers a 50 percent discount on trading fees for the first three months of the platform. The exchange announced it would pay its users to test the two potential versions of the futures platform and the trial lasted for about five days the previous week. One candidate who is actually a part of the Binance developers’ team and the other one from the JEX platform, were the ones choosing the version of the platform. The blog post released a day ago noted:

 “In response to an overwhelming response for Binance Futures since the beta launch on Wednesday, Binance is delighted to announce that Binance Futures will go live, starting from 2019/09/13 04:00 AM (UTC).’’

The Binance bitcoin futures were first brought to the market as a quick response to the fast-increasing competition. As it was reported previously, the institutional trading platform Bakkt will launch in two weeks time and the physical bitcoin futures product has sparked a lot of excitement over the potential as a regulatory opening into the Bitcoin cryptocurrency for more institutional investors. However, some raised concerns about the pace that bitcoin is moving. Reviewing the platforms in the test phase, commentators warned that neither had the best features to make trading workable.

Binance added that the new futures platform will be included in its quarterly burn of the in-house token. The standard practice since the start of the company is that the burn will include all Binance products in response to the feedback of the community:

 “Binance will include the trading volume of Binance Futures in the calculation for the quarterly BNB burn, now burning this portion of BNB from the circulating supply.’’

As per the altcoin news previously published, BNB has fallen in the past few days mainly because of the high pressure from Binance blocking the traders from the United States. Also, the platform opened Binance US which is a special, segregated platform only for the US market.