By Tobi Loba
Binance Futures has recently announced the launching of Monero (XMR) Against Tether (USDT) perpetual contract.
The announcement was made via the official website of the Binance exchange on 2nd February 2020. It was also shared on Twitter by the exchange to keep its users and followers abreast of the new development.
According to the exchange, the pair of XMR/USDT will be opened for trading on 3rd February 2020 at 8:00 AM (UTC). Binance will allow users to select from 1-75x leverage.
Binance exchange tweeted this, “Binance Futures Will Launch Monero XMR/USDT Perpetual Contract With Up to 75x Leverage.”
#Binance Futures Will Launch @monero $XMR/USDT Perpetual Contract With Up to 75x Leveragehttps://t.co/8xy8L0bq8W pic.twitter.com/3E9sKOi09e
— Binance (@binance) February 2, 2020
In order to prevent market manipulation, the exchange will have to implement a pricing limit of ±1% on the mark price within the first 15 minutes after trading starts.
Important warning from the exchange: The cryptocurrency exchange sternly warned the users about the high risks in futures trading. It stated that there are chances for notable profits and losses.
It also reminded the users concerning the high volatility of the prices of digital currencies in the market. So, there is a chance for liquidation of all the margin balance in users’ futures wallet.
Monero (XMR) in the Market
The cryptocurrency market is starting to give green indications, which implies market price resurgence. Monero (XMR), the 14th largest cryptocurrency has also joined the positive trend in terms of price.
At press time, XMR is trading at $73.37, with a 1.58% price increase in the last 24 hours. Considering the present price trend, a favorable market situation is likely starting from the moment, especially for the top 20 cryptocurrencies