Coinbase Announces Listing of Two Altcoins: Price Impact
Coinbase International exchange is gearing up to list perpetual futures for two altcoins – BRC-20 token Ordinals (ORDI) and Worldcoin (WLD).
This development marks a significant expansion in Coinbase’s derivative offerings, targeting sophisticated market players.
Coinbase Announcement Had No Positive Impact on Price of Altcoins
Scheduled for April 11, this initiative will cater to the institutional investors on Coinbase International and Coinbase Advanced.
ORDI, distinct from the Bitcoin Ordinals protocol, is an independent BRC-20 token. Its market performance hasn’t been much impacted by the announcement, with prices oscillating between $72 and $55 since mid-March.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
Analysis indicates that breaking the $72 resistance might trigger a bullish trend, potentially pushing ORDI toward its $97 peak.
“ORDI will go above $100 sooner or later,” a pseudonymous trader told his 25,000 followers.
Conversely, WLD has faced a bearish trend, dropping about 30% in value since late March. Currently, it teeters around the $6.61 support level.
If it holds this support and climbs above the $7.19 resistance, a bullish reversal could be on the horizon. However, a break below could extend the token’s decline, indicating a bearish market continuation.
The addition of ORDI and WLD to Coinbase’s perpetual futures lineup is part of an ongoing strategy to diversify its financial products. Previously, the exchange announced plans to introduce cash-settled futures for Dogecoin, Litecoin, and Bitcoin Cash, pending Commodity Futures Trading Commission (CFTC) approval.
Perpetual futures, offer traders the ability to speculate on asset prices indefinitely without an expiration date. Coinbase’s strategy includes a self-certification route under CFTC Regulation 40.2(a), facilitating a quicker listing process.
Read more: What are Perpetual Futures Contracts in Cryptocurrency?
Furthermore, Coinbase’s acquisition of the FairX derivatives exchange in 2022 has bolstered its position in the regulated US futures market. Despite facing scrutiny from the SEC, Coinbase managed to achieve approval for futures trading.
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