Binance has made three key announcements this week, impacting the altcoin market and shaking up its platform. These changes include new perpetual contracts (BIO/USDC), expanded spot options trading, and additions to Binance Alpha. While the changes themselves are significant, current prices in those related coins remain red following a broader crypto correction. Here’s what you need to know:
**New Perpetual Contracts:**
– **BIO/USDC contract with up to 75x leverage**: This new feature allows users to bet on the price of BIO without directly owning it, offering perpetual contracts with no expiration date. Binance will adjust specifications as needed but is currently offering +2%/ -2% funding rate and four-hour settlement frequency.
– **Crypto market reaction**: Despite its prominence, this latest addition has not been a positive boost for BIO or other related coins. BIO’s price dropped almost 30% over the past 24 hours, with its current value around $0.23 (based on CoinGecko data).
**Expanded Spot Trading:**
– **A2Z/USDC, SSV/USDC, and UMA/USDC pairings**: Trading for these options will open on August 26th in a limited scope, excluding certain regions including the USA, Netherlands, Iran, Canada, etc. Similar to BIO, its price remains red with the broader market correction.
**Binance Alpha Expansion:**
– **Bitlayer (BTR) addition**: Binance will integrate Bitlayer (a BTC layer-2 blockchain solution) into its Alpha platform on August 27th. The BTR/USDT perpetual contract with up to 50x leverage will also be launched, creating opportunities for early-stage cryptocurrency projects to flourish.
**Binance’s Past Impact:**
Binance has a history of significant impact on altcoin valuations. In the past, its backing has led to price surges, notably seen in contracts like AIO/USDT and XNY/USDT. The latest announcements mark another chapter in this dynamic relationship.
The post-Binance effect is already evident, with some projects experiencing significant growth. OlaXBT jumped by almost 50% following the announcement of its new contract, while Plume (PLUME) saw a double-digit price rise after being added to Binance’s HODLer Airdrop program. The community of Pi Network also anticipates support for trading on the platform, but is still waiting.
**Key takeaways**: These changes are crucial in the landscape of the crypto market. While some tokens may see positive effects, others remain susceptible to market fluctuations.