Coinbase Adds Support For These 3 Major Crypto; Will It Spark Price Rally?

Highlights

Coinbase adds BB, CFX, and NEO perpetual futures, set to open for trading on Sept 5, 2024.
RENDER, SAGA, and T futures markets now fully live, with all order types operational.
BounceBit, Conflux, and Neo prices surge post-announcement, with BB up 12%.

Coinbase International Exchange has announced the addition of perpetual futures for BounceBit (BB), Conflux (CFX), and Neo (NEO). These markets will officially open for trading on or after 9:30 am UTC on September 5, 2024.

Coinbase Adds Support for BounceBit, Conflux, and Neo

Crypto exchange Coinbase is set to expand its perpetual futures offerings by adding support for BounceBit (BB), Conflux (CFX), and Neo (NEO). According to the report, trading for the BB-PERP, CFX-PERP, and NEO-PERP markets will commence on or after 9:30 a.m. UTC on September 5.

These additions reflect the exchange’s ongoing efforts to diversify its product offerings and provide more trading opportunities for its global users.

The introduction of perpetual futures for BounceBit, Conflux, and Neo will enable traders to access these assets in a leveraged environment, potentially driving increased market activity. The new listings are anticipated to attract interest from traders seeking to capitalize on the price movements of these digital assets. As perpetual futures allow for trading without expiration, participants can maintain open positions for as long as they meet margin requirements.

Full-Trading Mode for RENDER, SAGA, and T Markets

Concurrently, Coinbase today announced the perpetual futures markets for RENDER, SAGA, and T had transitioned to full-trading mode. Consequently, the limit, market, stop, and stop limit orders are now operational, allowing traders to execute a broader range of strategies.

This development marks the completion of the phased launch for these markets, following their initial entry into post-only mode. Before the full-trading activation, RENDER-PERP, SAGA-PERP, and T-PERP markets were temporarily in post-only mode, where users could post and cancel limit orders without any matches occurring.

The crypto exchanges’s precautionary step was in place for at least one minute to ensure a smooth transition and allow market participants to prepare for active trading.

BounceBit, Conflux, and Neo Prices To Rally?

After the crypto exchange’s announcements, BounceBit, Conflux, and Neo experienced price surges. The BB price, for instance, despite moving in a sideways direction, surged by over 10%. At press time, BB was trading at $0.2904, a 12.54% surge from the intra-day low.

Conflux (CFX), too, recorded significant gains, skyrocketing to an intra-day high of $0.1408. At press time, CFX was trading at $0.1406, a 9.55% surge.

Neo (NEO) ‘s price was not left behind, rallying over 5% as of writing time to trade at $9.99. These surges are attributable to the Coinbase support, which, when goes live, may set the stage for a parabolic rally for the cryptos.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

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