Binance Futures launched perpetual contract for ETC/USDT, While Ethereum Classic surged by 30%
Binance, a global cryptocurrency exchange, announced on Jan.15 that they are going to add the perpetual contract for ETC/USDT on its futures platform called Binance Futures on Jan.16 at 08:00 UTC.
According to the announcement, the ETC/USDT perpetual contract is launched with a leverage of up to 75x. In the announcement, they have also mentioned a condition on ETC/USDT to prevent the manipulation of the market.
As per the announcement:
to prevent market manipulation, Binance will implement a pricing limit of ±1% on the mark price within the first 30 minutes after trading starts.
Perpetual Contract is Similar to Trading Pair
As per the company, the perpetual futures contracts on the Binance platform are similar to the trading pairs of the spot market.
The perpetual contracts on Binance Futures are similar to the trading pairs on the spot market. They are priced and settled in the same manner.
Currently, Binance Futures are offering perpetual contracts for BTC/USDT, ETH/USDT, XRP/USDT, TRX/USDT, EOS/USDT, and BCH/USDT.
As per the specifications, the maximum contract quantity of the contract is 1,000,000. The initial margin rate and the maintenance margin rate will be 1.3% and 0.65%. The liquidation of the ETC perpetual contract will be 0.5%.
ETC Price Goes Up
Ethereum Classic is included in the list of top five best performing coins in today’s bullish rally. The price value of the coin has jumped greatly and counted the surge of almost 30% in the past 24 hours. ETC is currently standing at $7.5.
The futures contract pair for ETC might be the one factor for pumping the price of Ethereum Classic. However, the whole altcoins market is also surging today and most of the coins are more shining than the others.
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