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Cryptocurrency exchange Binance‘s futures arm, Binance Futures, has added another altcoin to its supported futures trading list. The major cryptocurrency exchange recently announced that it will initiate futures trading for Moonriver (MOVR). Following the announcement, the price of MOVR began to rise.
Binance Initiates Futures Trading for MOVR
Binance Futures announced that it will launch futures trading for MOVR with up to 50x leverage. Accordingly, futures trading for the altcoin will start today at 15:30 TRT.
The maximum funding rate for the MOVRUSDT futures contract to be listed on Binance Futures has been set at the standard rate of +2% / -2%.
Futures Trading Announcement Pushes Altcoin’s Price Upward
As is known, the start of futures trading for an altcoin by Binance often has a positive impact on the price of that altcoin, triggering a strong rally. It was no different for MOVR, as the price of the altcoin trended upwards following the exchange’s futures trading announcement.
Before the announcement, MOVR, which was seen to be moving downward due to a pullback in the largest cryptocurrency, Bitcoin (BTC), rose from $31.28 to $33.54 following the announcement.
As of this writing, MOVR is trading at $33.51, up 2.36% in the last 24 hours. Data reveals that the altcoin’s price has surged by 401.87% over the last 7 days and by 397% over the last 30 days.
