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Biggest US-based crypto trading platform Coinbase, which is currently engaged in a legal battle with the SEC regulator, has made an announcement about expanding the range of its crypto trading tools.
DOGE, ADA, XLM perpetual futures added
Tweet shared by Coinbase stated that they are planning to add support for perpetual futures contracts for Polygon (MATIC) and Bitcoin Cash (BCH) at Coinbase International Exchange on December 7.
Chinese crypto journalist and blogger Colin Wu stated that Coinbase has just added perpetual futures contracts for DOGE, ADA, LINK and XLM.
Coinbase tweeted that it will add support for Polygon and Bitcoin Cash perpetual futures contracts on Coinbase International Exchange and Coinbase Advanced. The MATIC-PERP and BCH-PERP markets will open on or after 18:00 UTC+8 on December 7. Coinbase just added ADA-PERP,…
— Wu Blockchain (@WuBlockchain) December 2, 2023
November sees COIN face 78% surge
As reported earlier, throughout November Coinbase’s shared (COIN) demonstrated a stunning 78% increase in price as it went up from $71.88 per share to $128.27, thus reaching the highest point since April last year so far.
Many crypto and trading experts noticed that impressive rise and made their comments on it. Among them was Ripple advocate and founder of Crypto-Law.US John Deaton. He made a concise bullish statement, sharing his prediction for the near future for COIN - “"I think it's a screaming buy under $150."
At the time of this writing, COIN is trading at $133.76, rising by 7.25% within the last 24 hours.
Here are major drivers for COIN price jump
The major factor to the massive surge in COIN price was the troubles faced by the CEOs of competing exchanges. The price surged once former FTC chief executive Sam Bankman-Fried was sentenced to imprisonment on fraud charges (November 2).
More than two weeks later, Binance founder and CEO Changpeng Zhao (CZ) was pled guilty to breeching the Bank Secrecy Act, the US economic sanctions imposed on Binance and also for failing to implement an efficient mechanism that would prevent money laundering. CZ was allowed to resign from his leading position in Binance and the exchange will pay a $4.3 billion fine to settle the matter. However, now it has become known that CZ on the quiet let the information about the upcoming settlement with the US court leak and several V.I.P traders got the message.
Also, CZ is now potentially facing a ten-year prison sentence for violating the Bank Secrecy Act, as reported by U.Today earlier.