In a significant move, Coinbase has announced the addition of IMX and FLOW tokens for futures trading. This development is expected to have a notable impact on the market, particularly as cryptocurrency exchanges’ listing and delisting news often lead to substantial price shifts. Coinbase’s announcement comes ahead of the anticipated bull season, promising potential price movements for these tokens.
Coinbase Lists New Futures Markets
Coinbase revealed that its International Exchange and Coinbase Advanced platforms will support Immutable (IMX) and Flow (FLOW) perpetual futures. The trading markets for IMX-PERP and FLOW-PERP will commence on September 12, 2024, at 9:30 AM. This announcement has generated considerable interest among traders who are keenly watching the price actions of these tokens.
Trading will begin at 12:30 PM Turkey time on the specified date. Following the announcement, market participants have closely monitored the prices of IMX and FLOW, particularly as they have been negatively affected by Bitcoin‘s price decline.
Current Prices of IMX and FLOW
Despite the listing news, both IMX and FLOW have experienced significant price declines. IMX dropped by 5% in the last 24 hours, settling at $1.18, which marks a 20% decline over the past week. The market cap of IMX fell to $1.8 billion, with a trading volume of $41 million, reflecting a neutral projection.
Similarly, FLOW saw a 4.84% decrease, bringing its price down to $0.5338. FLOW’s market cap decreased to $816 million, ranking it 69th in terms of volume, with a trading volume of $27.5 million, indicating market caution.
Key Insights for Traders
- Monitor IMX and FLOW prices closely as futures trading begins, in anticipation of volatility.
- Consider the impact of Bitcoin’s price movements on these tokens.
- Evaluate market sentiment and trading volumes to inform investment decisions.
- Keep an eye on announcements from other major exchanges that could influence token prices.
- Stay updated with the trading times and platform-specific details released by Coinbase.
These actionable insights can help traders navigate the market more effectively, leveraging the information from Coinbase’s recent listings.
In conclusion, Coinbase’s listing of IMX and FLOW for futures trading highlights the importance of keeping abreast with major exchange announcements. The current price trends of these tokens suggest a cautious market sentiment, yet the potential for significant movements remains high, especially with the forthcoming bull season.
