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Coinbase to add perpetual futures for AERO, BEAM and DRIFT

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Coinbase has announced upcoming support for perpetual futures for Aerodrome Finance, Beam, and Drift Protocol.

Perpetual futures trading for Aerodrome Finance (AERO), Beam (BEAM), and Drift (DRIFT) will go live on Coinbase International Exchange and Coinbase Advanced, the U.S.-based exchange announced on Jan. 9.

Specifically, Coinbase plans to open trading for AERO-PERP, BEAM-PERP, and DRIFT-PERP markets on Jan. 16, 2025. The assets are expected to go live on or after 9:30 a.m. UTC.

Perpetual futures or “perps” offer contracts where traders can speculate on cryptocurrency or other assets’ price. 

Unlike futures contracts, perps do not have an expiration date. Coinbase announced the launch of perpetual futures trading in May 2023 and expanded the service to non-U.S. retailers in September. Recent perps listings for crypto tokens include support for ORDI, WLD and PEPE.

Following the latest announcement, the prices of Aerodrome Finance, Beam, and Drift saw slight gains, with the three bouncing off intraday lows alongside other cryptocurrencies. However, all three assets—AERO, BEAM, and DRIFT—remained in the red as of the time of writing, having declined earlier in the day as Bitcoin (BTC) struggled for upside momentum.

Aerodrome Finance is a decentralized exchange on Base, offering liquidity solutions for various digital assets. Beam operates a gaming network powered by the BEAM token. Following Avalanche’s Etna upgrade, Beam has transitioned to a fully-fledged Layer 1 blockchain, unlocking new possibilities for network growth.

Meanwhile, Drift is a Solana-based decentralized exchange (DEX) that enables users to trade, earn, and participate in prediction markets.



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US CFTC Issues Subpoena to Coinbase In Polymarket Case, What’s Next?

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The U.S. Commodity Futures Trading Commission (CFTC) has issued a fresh subpoena to crypto exchange Coinbase just days ahead of President Joe Biden leaving office. This comes as part of the US CFTC’s ongoing investigation into betting markets Polymarket thereby requiring Coinbase to provide specific information regarding customers involved in the case.

US CFTC Seeks Coinbase Customers

Under the outgoing Biden administration, the CFTC has cracked a whip issuing a subpoena to crypto exchange Coinbase in the Polymarket lawsuit.

After receiving an email for the same from the exchange, Eric, co-author of Ethereum’s EIP-1559, shared this information in the public domain. “The dems crypto pivot truly was something else!” he wrote.

The exchange informed its customers through email that it may be required to share account-related information with the US CFTC. However, the company noted that no action is required from customers at this time.

Crypto Exchange Need to Comply Soon

The action comes with a deadline, unless Coinbase receives a motion to dismiss or other legal documentation by the close of business on January 15, 2025, the company will be required to comply.

The announcement comes just ahead of the CFTC chair Rostin Behnam stepping down before President-elect Donald Trump takes oath on January 20. The Trump transition team has reviewed at least six potential candidates to lead the US CFTC, aligning with the president-elect’s pledge to establish a more crypto-friendly regulatory framework.

Polymarket And Its Regulatory Scrutiny

Polymarket, a decentralized prediction market platform, gained huge popularity during the US Presidential Elections in 2024 drawing attention from regulators like the US CFTC. The regulator demanded limiting the operation of the prediction market while labeling them as gambling platforms.

Unlike the promises by Vice President Kamala Harris of a crypto pivot, the Democrats have continued with the crypto crackdown even in their last days in office. Coinbase and the CFTC have yet to comment publicly on the matter, but the subpoena marks another pivotal moment in the intersection of U.S. regulatory oversight and the cryptocurrency industry.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Backed.fi

Coinbase (COIN) Stock Could Become Available on Base Chain, According to Creator Jesse Pollak

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The creator of Base, the blockchain of top US-based crypto exchange Coinbase, says that the company’s stock (COIN) could soon become available on-chain.

In a new thread on the social media platform X, Base developer Jesse Pollak says that eventually, every asset in the world will be on Base, including COIN.

However, Pollak notes that some traders can already access COIN on Base through asset tokenization protocol Backed.fi, adding that regulatory clarity would “unlock” it for everyone.

According to Pollak, Coinbase has not yet formulated concrete plans to bring over real-world assets to the blockchain, which launched in August 2023 as an Ethereum (ETH) layer-2 scaling solution.

“And to clarify even further: there are no concrete plans right now. We are in an exploratory phase and working to understand what needs to be unlocked from a regulatory perspective to bring assets like COIN to Base in a safe, compliant, future-looking way. Still day one.”

Looking at a longer arc of time, Pollak reiterates Base’s plans to see the blockchain as the backbone of global transactions.

“Base’s north star is to build a global economy, on-chain… We are going to bring $1 trillion+ assets to Base and it’s going to happen faster than anyone expects – still day one.”

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Bitcoin (BTC) Price Slumps to $92,000 as Long-Term Holders Keep Taking Profit

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Crypto prices are experiencing a rocky Monday due to poor U.S. macroeconomic data and rampant profit-taking.

Bitcoin (BTC) has dropped 1.8% in the past 24 hours to $91,800, a price not seen since Dec. 5, the day it broke through $100,000 for the first time. The largest cryptocurrency has fallen more than 14% from its Dec. 17 record of $108,278.

Ether (ETH) has lost less, falling 0.7% to $3,320, though it’s now 17% below its December highs, and still has not surpassed the record $4,820 it hit in 2021. Solana (SOL) is also proving a little stronger than bitcoin, with the SOL/BTC ratio up 0.35% today.

The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is also in the red, sliding 3.74%. Ripple (XRP) and Stellar (XRM) have taken the biggest hits, down 6% and 6.3% respectively, while the most resilient coin besides ether has been litecoin (LTC), which is 1.9% lower.

Stocks of crypto-related companies also took a hit. MicroStrategy (MSTR) and Coinbase (COIN) fell 7% and 5.3%, respectively and major bitcoin mining firms like MARA Holdings (MARA) and Riot Platforms (RIOT) have dropped more than 7%.

The selling pressure is partially caused by investors cashing out after bitcoin shot up more than 117% this year. Profit-taking currently exceeds $1.2 billion on a seven-day moving average, and while that is significantly less than the Dec. 11 peak of $4.0 billion, it’s still much more than usual. Additionally, the lion’s share of profits is being taken by investors who have held bitcoin for many years.

Bitcoin profit-taking (Glassnode)

Bitcoin profit-taking (Glassnode)

Macroeconomics are also weighing on the market, with the U.S. Chicago PMI — which measures the performance of the manufacturing and non-manufacturing sector in the Chicago area — flashing its lowest reading since May, suggesting an economic slowdown is underway.

Uncertainty around the Federal Reserve’s interest-rate policy going into 2025 isn’t helping, since the U.S. central bank has signaled it will pause rate cuts until at least March. The inauguration of President-elect Donald Trump, slated for Jan. 20, may also be playing a role. The S&P 500, Nasdaq, and Dow Jones are down more than 1%.

“The market exceeded expectations in 2024, but signs of exhaustion signaled the need for consolidation,” Joe Carlasare, partner at Amundsen Davis, told CoinDesk. “Looking ahead to 2025, I’m optimistic but expect the path to diverge from consensus, as markets often do. Bitcoin’s adoption continues to grow, and I anticipate it will generally move in line with traditional markets. If the U.S. avoids a significant growth slowdown, bitcoin should perform well, though the ride may be bumpier than in 2024.”





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