BitMEX has announced the Tron futures contracts against Bitcoin with the expiry date of September 28, 2018. This means now investor’s can long or short on Tron (TRX).
Tron/Bitcoin futures contract
The cryptocurrency derivatives provider, BitMEX has officially announced that it will be offering Tron futures contracts. The statement made by the exchange states,
“Due to popular demand, we will be listing the BitMEX TRON / Bitcoin 28 September 2018 futures contract, TRXU18, on or before 26 June 2018 08:30 UTC.”
BitMEX doesn’t require the traders to have 100 percent of the collateral as margin. This means the user can trade with a leverage over 100 times on some of these contracts. All of the cryptocurrency futures listed on BitMEX are denominated in Bitcoin so that users can only speculate on the future value by using Bitcoin.
Recently, the exchange added a number of futures options for different cryptocurrencies. EOS futures contract was one of the latest additions. The exchange already has Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), and Ripple (XRP). A few months back, the exchange removed the Dash (DASH), Ethereum Classic (ETC), Neo (NEO), Monero (XMR), Stellar (XLM), and ZCash (ZEC) futures contracts. At that time the move was made to clear up space for the popular ones.
The world’s 10th largest cryptocurrency Tron is one of the most popular cryptocurrencies which is extremely active and has an equally active community.
Is it good for Tron?
Futures contracts basically allow one to long or short, however, in the crypto market it’s rather frowned upon and Tron community doesn’t seem to be really happy with the news.
Redditor, cryptokilgore shared,
“It means you can buy or sell futures of Tron. It’s another way to spend more money on Tron.”
Another one 80sGamerKid commented: “Just what we needed.” While the Reddit user ronthebarb, stated:
“Means people are able to place a “bet” (Im sure there is a better word i could use) about the future price of TRX whether it a prediction of it gaining value or losing. S&P500, Bitcoin and Soon ETH also have future trades.”
Grimwyrd shared, “It means more market manipulation of TRX, lol.” Another Reddit user Feennix agreed with,
“Correct. Big traders will be able to take huge positions either way and influence the price of the coins. Once again, the little guy with a few thousand TRX will be forced out of the game and find himself at the mercy of the big guys. I really didn’t want to see this happen because it’s undemocratic when so much power is in the hands of so few. And where has this “due to popular demand” come from?”
At the time of writing, Tron has been sitting at $0.0412 with a loss of 1.22 percent in the past 24 hours.
What are your views on Tron Futures? Is it good for the Tron market or not? Share your thoughts with us!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.