- Coinbase, a leading cryptocurrency exchange, has announced the addition of three new altcoins, Jupiter (JUP), Tensor (TNSR), and Jito (JTO), to its perpetual futures contracts.
- The new additions will be available for trading on Coinbase International Exchange and Coinbase Advanced starting from 09:30 UTC on May 16, 2024.
- This strategic move is expected to boost activity and prices within these markets.
Coinbase expands its futures offerings with the addition of three new altcoins, potentially boosting market activity and prices.
Strategic Expansion for Coinbase?
The recent announcement follows Coinbase’s additions of AR-PERP, HBAR-PERP, and THETA-PERP, indicating a continuous expansion in its futures offerings. This move underlines the exchange’s strategy to cover a broader range of cryptocurrencies, potentially stimulating activity and prices within these markets.
Impact on Crypto Prices?
Following the listing news, there has been noticeable volatility in the prices of the involved altcoins. JUP showed a significant increase, trading at $1.09 and gaining 5.35% in value with a volume exceeding $132 million. On the other hand, JTO experienced a minor dip, dropping by around 1% to a trading price of $3.83, but maintaining a robust trading volume of $197 million. Meanwhile, TNSR saw a price surge of 10%, trading at $0.812191 with a substantial volume increase.
What This Means for Investors
Investors might see enhanced liquidity and potentially higher volatility in JUP, JTO, and TNSR futures. This presents opportunities for diversification of investment portfolios by adding the newly listed altcoins with promising futures. There is also the potential for significant short-term price movements post-listing, offering quick profit opportunities.
Conclusion
In conclusion, Coinbase’s recent inclusion of JUP, JTO, and TNSR into its futures trading could signal a bullish approach towards less mainstream, yet growing, cryptocurrencies. Investors and market watchers will likely keep a close eye on these assets as their trading begins on Coinbase Advanced and Coinbase International Exchange, anticipating the market’s response to these new offerings.
