Highlights
- Coinbase introduces RNDR, SAGA, & T perpetual futures; trading begins Aug 29, boosting investor confidence and prices.
- Coinbase adds EURC conversion with no fees; aligns with EU’s MiCA regulations starting Aug 28.
- RNDR reaches $5.06 high post-Coinbase announcement; SAGA & T also see positive price trends.
Crypto exchange Coinbase has announced the introduction of perpetual futures contracts for Render (RNDR), Saga (SAGA), and Threshold (T) on its International Exchange and Coinbase Advanced platforms. Following this announcement, the tokens saw positive price movements, reflecting increased investor confidence.
Coinbase Perpetual Futures for Render, Saga & Threshold
According to an X post, the crypto exchange Coinbase is to extend its offering with Render, Saga, and Threshold perpetual futures contracts. The contracts will be listed on both the International Exchange and Advanced platforms.
Trading for the new perpetual futures pairs RENDER-PERP, SAGA-PERP, and T-PERP will start on or after 09:30 AM UTC on August 29, 2024.
@CoinbaseIntExch will add support for Render, Saga, and Threshold perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our RENDER-PERP, SAGA-PERP, and T-PERP markets will begin on or after 9:30am UTC 29 AUG 2024. $RENDER $SAGA $T pic.twitter.com/xoiQ0cwK8D
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) August 22, 2024
This means that traders can use leverage to trade these altcoins and this can be beneficial as it can increase the returns in the event of price movements in the market. Perpetual futures contracts are common in the crypto market because they are not time-limited like futures contracts.
EURC Conversion and Polygon Support
In addition, the exchange has also announced the addition of a new 1:1 conversion for euros to the euro-pegged stablecoin, EURC. This conversion service will be available in Coinbase Advanced starting August 28, 2024, and there will be no fees for using it.
This step is in line with the Markets in Crypto Assets (MiCA) regulations set by the European Union to facilitate legal transactions within the EU.
The crypto exchange has also recently added support for the Polygon Ecosystem Token (POL) on both the Polygon and Ethereum networks. The integration of POL makes the token valuable and convenient for users to interact with the platform.
RNDR, SAGA, & T Price Trend
Render (RENDER) post the announcement surged to an intra-week high of $5.06 before facing resistance from a 24-hour low of $4.57. Concurrently, the market capitalization and 24-hour trading volume soared by 8% and 137% respectively to $1.95B and $64.65M. At press time, RENDER was trading at $4.98, a 8% surge in the last day and 10% over the week.
Sada (SAGA) also jumped on the Coinbase support with the price experiencing a positive trend despite a bearish week. At press time, SAGA was up 3% trading at $1.27 and accompanied by market cap and trading volume surge of 3% and 41%, respectively to $126,453,700 and $34,432,894.
In addition, Threshold (T), with the price swaying between an intra-day high and low of $0.02361 and $0.02281, bulls have had the upper hand. T was up 2% at the time of reporting. However, its trading volume fell by 3% while its market cap surged 2% to $11,142,925 and $229,498,220, respectively despite the positive development.
CoinGape