Cryptocurrency

Binance Reveals Major Support For Curve DAO Token Amid CRV Liquidation Crisis – Crypto News

Published

2 years ago

July 1, 2024

Dripp

The leading global crypto exchange, Binance, has announced the launch of a new CRV perpetual contract with up to 25x leverage. The announcement from the major cryptocurrency exchange seems to have sparked optimism in the Curve DAO Token (CRV) market.

Meanwhile, this decision comes amid the ongoing CRV liquidation crisis, providing a much-needed boost to the token’s price and market sentiment. According to the announcement, the CRV-USDC perpetual contract is set to go live on Binance Futures on July 4, 2024.

Binance Enhances Support For Curve Dao Token (CRV)

Binance has announced the launch of a CRV perpetual contract with 25x leverage has generated positive buzz in the crypto community. Scheduled for launch on July 4, 2024, this new derivative product aims to enhance trading options and improve user experience on Binance Futures.

Notably, the contract will use USDC as the settlement asset, allowing traders to leverage their positions significantly. The introduction of this contract comes at a crucial time for Curve DAO Token, which has been grappling with a major liquidation crisis.

Meanwhile, Michael Egorov, the founder of Curve Finance, has been forced to liquidate millions of CRV tokens across various DeFi platforms. This situation has led to increased volatility and bearish sentiment around CRV, causing significant price fluctuations.

However, despite these challenges, Binance’s strategic move to support CRV indicates the exchange’s confidence in the token’s long-term potential. In their latest announcement, Binance emphasized that the CRV-USDC perpetual contract is part of their ongoing efforts to expand the range of trading options and cater to the diverse needs of their users.

Besides, the contract’s specifications, including leverage, funding fees, and margin requirements, are designed to adapt to market conditions, providing flexibility to traders. The Multi-Assets Mode allows users to utilize various assets, such as Bitcoin, as a margin for trading, adding an extra layer of versatility to the contract.

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Price Witnesses Recovery

The market’s reaction to Binance’s announcement has been notably positive, with the CRV price showing signs of recovery. The introduction of the CRV perpetual contract allayed some of the bearish pressure, as traders and investors see this as a vote of confidence in the token’s future.

Meanwhile, Binance’s proactive approach contrasts with the recent turbulence, offering a lifeline amid the ongoing CRV liquidation issues. In addition, the decision to support CRV during this critical period reflects the crypto exchange’s commitment to maintaining a diverse and resilient trading ecosystem.

Notably, the move also highlights the exchange’s role in stabilizing the market for tokens facing adverse conditions, reinforcing its position as a leading player in the cryptocurrency space. The upcoming launch of the CRV perpetual contract on Binance Futures could potentially reshape the trading dynamics for CRV.

As of writing, CRV price rose 1.13% from yesterday and traded at $0.2852, after hitting a low of $0.275. On the other hand, CoinGlass data indicated a growing interest in Curve DAO Token, with its Open Interest (OI) soaring more than 2% to $81.86 million.

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