Binance Futures, the derivatives arm of the cryptocurrency exchange Binance, has added Moonriver (MOVR) to its list of supported altcoins for futures trading. Following the announcement, MOVR’s price experienced a significant uptick.
The futures trading for MOVR will commence with up to 50x leverage, and the launch is scheduled for today at 15:30 local time. The maximum funding rate for the MOVRUSDT futures contract is set at the standard rate of +2% / -2%.
Historically, Binance’s initiation of futures trading for an altcoin has had a positive impact on its price, often serving as a catalyst for a strong rally. This pattern held true for MOVR, which saw its price climb following the exchange’s announcement.
Prior to the announcement, MOVR was moving downward, influenced by a pullback in Bitcoin (BTC). However, with the news of the futures trading, the price of MOVR jumped from $31.28 to $33.54.
At the time of writing, MOVR has seen a 2.36% increase in the last 24 hours, trading at $33.51. Data reveals that the altcoin’s price has surged by 401.87% over the past week and 397% in the last 30 days.