The Binance news now show that shortly after the first line of FTX-provided leveraged tokens for trading on the Binance (BNB) exchange, we are seeing Binance Coin leveraged tokens now available on the exchange.
Today, the Binance Coin (BNB) ecosystem announced that the leveraged tokens BNBBULL and BNBBEAR are now available for trading on Binance starting March 11, 2020. The tokens are designed by the FTX crypto derivatives exchange.
#Binance Lists @FTX_Official Leveraged Tokens: BNBBULL & BNBBEARhttps://t.co/wiKMbECdJw pic.twitter.com/fBDCh2XZsp
— Binance (@binance) March 11, 2020
The official announcement shows that both tokens will be traded against BUSD and USDT stablecoins so four new trading pairs have been launched. BNBBULL and BNBBEAR are ERC-20 tokens representing 3X Long BNB Token and 3X Short BNB Token. As a result of this, the owners of the new assets can benefit from bullish and bearish market moves demonstrated by Binance Coin (BNB).
In addition to this, the Binance Coin news now show that from a trader’s perspective, the Binance Coin leveraged tokens are normal spot assets. That said, with BEAR and BULL tokens on Binance (BNB), users can enjoy the profitability of margin trading with no need to manage collateral, margin or liquidation prices.
As previously reported in the news, one week ago similar assets went live on the Binance decentralized exchange (DEX). Unlike the ERC-20 BNBBULL and BNBBEAR tokens, leveraged assets on Binance DEX are issued on the Binance Chain as BEP2-versions of the leveraged contracts.
Reports on U.Today also remind that margin trading is a very high-risk option. Assets of this type are therefore subject to unmatched volatility and thus, may either gain or lose large amounts of their value in a single day.
Meanwhile, the Binance Coin (BNB) price today is at $11.96 which shows that the coin has been free falling over the past day, now with 28% losses and a market cap of $1.86 billion. The volume of Binance Coin traded on the markets in the past 24 hours is $406 million which is decent enough but still not that good considering the bloodbath happening on the markets.
Meanwhile, Bitcoin is still above $6,000 with a drop of 23% overnight and other tokens are extending their losses too. The total cryptocurrency market cap is at $168 billion now, which is a little over the levels we have seen this morning.
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