In the last 7 days, the decentralized finance (DeFi) project Bancor Network (BNT) which experienced an increase of around 70%, followed by a significant pullback, drew great attention in the cryptocurrency market. However, this increase brought along various speculations.

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Bancor Network (BNT) is a project based in Israel and the increase being parallel with the tension between Palestine and Israel is remarkable. Israeli software developers among the founders of the project, especially due to Guy Benartzi being the nephew of Israeli Prime Minister Binyamin Netanyahu, cause the project to be associated with Israel.

Before a big purchase move, South Korea’s largest exchange, Upbit, pulling about 4.71 million BNT worth approximately $2.54 million, equivalent to 3.3% of the total supply, into their wallets, has brought allegations of manipulation linked to Israel.

Market analysts have compared the rise to similar situations like Waves (WAVES) after the war between Russia and Ukraine. But the speculations have not been clarified yet.

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Binance is Listing BNT on Futures Trading

The BNTUSDT perpetual contract will provide investors with the opportunity to use a maximum of 20x leverage and will become active on August 10, 2023, at 12:00 UTC.

Bancor Network is a decentralized liquidity protocol that enables users to trade tokens without intermediaries or slippage.

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The BNTUSDT perpetual contract enables you to participate in transactions involving the crypto market’s most widely used stablecoin, the USDT pairing. In comparison to traditional futures contracts, perpetual contracts lack a specific expiration date and have the potential for indefinite holding.

Moreover, perpetual contracts integrate a funding mechanism aimed at maintaining proximity between the contract price and the spot price of the underlying asset.

It’s important to note that the BNTUSDT perpetual contract operates under the terms specified in the Binance Terms of Use and the Binance Futures Services Agreement.

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The post Binance Futures Lists 20x Leveraged BNT Trading! appeared first on Coin Engineer.