A little-known cryptocurrency, BANK, experienced a huge price jump after Binance, the world’s largest cryptocurrency exchange, announced it would list perpetual futures contracts for the token.
Binance Listing Sends BANK Skyrocketing
The news sent BANK’s price soaring. On its launch day, April 18th, BANK started at $0.03. Within hours, it hit a high of $0.057. While it has since pulled back slightly to around $0.044, that’s still a significant increase.
What is BANK?
BANK is a low-market cap altcoin (currently around $18.85 million) associated with Lorenzo Protocol. This protocol lets users stake Bitcoin to get liquid tokens usable on other decentralized finance (DeFi) platforms. Essentially, it aims to improve Bitcoin’s liquidity and offer new investment opportunities for Bitcoin holders. Lorenzo Protocol describes itself as a way to “easily find the best opportunities to invest their unused Bitcoin liquidity”.
Binance Futures Contracts
Binance now offers BANK/Tether (USDT) perpetual contracts with leverage up to 50x. This means traders can bet significantly larger amounts than they actually own, amplifying both potential profits and losses.
Disclaimer: Investing in cryptocurrencies is risky. Do your own research before investing any money. This information is not financial advice.
/p>