The cryptocurrency market is struggling to gain new momentum. Lower-than-expected US inflation data supports Bitcoin and altcoins. In addition, there are tokens that stand out from the market with their performance. One of them is BANANA, which received news from Binance to be listed in futures trading. Binance announced that it will add BANANA to its list in the futures market with 50X leverage.
Binance to launch BANANA U-margined perpetual contract
Binance, the world’s largest cryptocurrency exchange, has announced the addition of BANANA to its futures list. Binance will launch the BANANA perpetual contract on August 15 with 50x leverage. In this context, the cryptocurrency exchange made the following announcement:
Binance Futures will launch the USDⓈ-M BANANA Perpetual Contract with up to 50x leverage on August 15, 2024 at 05:00 on Binance Futures to expand the list of trading options offered on Binance Futures and enhance users’ trading experience.
BANANA was bullish ahead of this news. However, this news supported the rise. At the time of writing, BANANA was trading at $46.06, up over 23% on a daily basis. The token’s trading volume saw a phenomenal increase of 246% in the same time frame. This reflects the interest of investors and traders in BANANA.
Bitcoin and altcoins rise as US CPI falls
The US consumer price index (CPI) fell to 2.9%, below expectations. Thus, Bitcoin and altcoins gained upward momentum. As you follow on Kriptokoin.com, the PPI also fell more than expected. Following this, the slowing CPI pressure will allow the Fed to start easing monetary policy. Investors are now looking for clues of moderate price increases. Crypto traders were bullish even before the CPI release amid calls to buy the dip ahead of high expectations for Fed rate cuts starting in September.
The annual CPI inflation rate in the US slowed to 2.9% from 3% in June. Compared to the previous month, inflation had risen to 0.2%, recovering from a 0.1% drop in June. Meanwhile, core inflation fell for the fourth consecutive month at 3.2%. This is the lowest level since April 2021. The monthly core inflation rate also rose to 0.2% from 0.1%. However, this rate is lower than the previous month’s 0.3%. Cooling inflation on all fronts suggests that there is room for the Fed to announce a rate cut. The central bank will continue to wait for the upcoming employment data and PCE inflation data before confirming its stance on a rate cut. The market expects a bigger rate cut from the Fed in September.
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