In a recent announcement, leading cryptocurrency exchange Coinbase has revealed its latest additions to the trading landscape. Via a tweet, Coinbase unveiled the imminent perpetual listings for Solana and Avalanche, denoted as SOL-PERP and AVAX-PERP, respectively.
This expansion entails Coinbase extending support for perpetual futures contracts of both Solana and Avalanche. Traders can access these offerings on both the Coinbase International Exchange and Coinbase Advanced platforms, marking a significant stride in diversifying the exchange’s portfolio and catering to the growing demand for Solana and Avalanche trading opportunities.
@CoinbaseIntExch will add support for Solana and Avalanche perpetual futures contracts on Coinbase International Exchange & Coinbase Advanced. The opening of our SOL-PERP and AVAX-PERP markets will begin on or around 4pm UTC on 14 November 2023, if liquidity conditions are met. pic.twitter.com/D2QTV9k9Qe
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) November 12, 2023
Coinbase Unveils Launch Date for SOL-PERP and AVAX-PERP Markets
In accordance with the recent announcement, the markets for SOL-PERP and AVAX-PERP are slated to go live on or around November 14 at 4:00 p.m. UTC, contingent upon meeting liquidity conditions.
Last month, Coinbase initiated the introduction of perpetual futures for Coinbase Advanced users in eligible non-U.S. jurisdictions. This strategic move marked the commencement of perpetual futures trading on Coinbase Advanced, the exchange’s platform designed for sophisticated retail traders.
The initial offering included four perpetual contracts for XRP, BTC, ETH, and LTC. Expanding on this offering, Coinbase is set to broaden its horizon with the upcoming launch of perpetual futures for SOL and AVAX, catering to the evolving demands of the crypto market.
Solana (SOL) Surges Above $54 Amid FTX Token Sale
Solana’s native token, SOL, has experienced a notable surge, surpassing the $54 threshold for the first time since May 2022. This impressive uptick coincides with the ongoing sale of SOL tokens from FTX’s bankrupt estate.
In September 2023, the Delaware Bankruptcy Court authorized the sale of assets belonging to the insolvent exchange, including 55.75 million SOL.
Blockchain analytics firm Lookonchain reported a substantial 50% increase in SOL over the past week. The analysis highlights a pattern where FTX tends to move SOL out for sale when SOL experiences a rise.
In the recent week, FTX unstaked 3.96 million SOL valued at $230 million and transferred a total of 3.7 million SOL, amounting to $215 million, leaving the exchange with 253,407 SOL, equivalent to $14.75 million.
Investors appear to have absorbed the minimal impact of these sales, considering that a portion of the tokens from the bankruptcy proceedings is either vested or locked, contributing to SOL’s rally. Additionally, as part of FTX’s liquidation strategy, a weekly sale restriction of $100 million has been implemented. As of the latest update, SOL registered a 0.70% decline in the last 24 hours, resting at $58.67.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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