Binance Futures announced its latest product to the cryptocurrency market with a critical announcement. Introduced the USDⓈ-M BICO perpetual futures contract. Following this announcement, cryptocurrency BICO gained over 30 percent in value. Here are the details…
Binance offers perpetual futures contract for BICO
This contract, which will be released to the market on September 28, 2023, at 15:30, brings the potential for investors to increase their positions up to 10 times. The USDⓈ-M BICO perpetual futures contract, called BICOUSDT, has a lot to offer. It’s an exciting opportunity, especially for investors, to interact with the ever-evolving world of cryptocurrency. It includes BICO as the underlying asset, while USDT acts as the settlement asset. This agreement, with a tick size of 0.0001, aims to facilitate sensitive trading in the Biconomy ecosystem.
A notable feature of this contract is; The Funding Rate is the Capped Funding Rate determined by the “clamp” function, which includes -1 times the Maintenance Coverage Rate and 1 times the Maintenance Coverage Rate. This mechanism ensures stability and fairness in funding rates. It is evident from the Minimum Maintenance Margin Rate set at 3.00% that risk management is of great importance for Binance Futures. In addition, the contract operates 24/7, allowing investors to access the market whenever they want. Multi-Asset Mode allows the use of a variety of collateral assets, subject to applicable collateral deductions. Thus, it further increases flexibility. This means that when Multi-Asset Mode is enabled, traders will be able to use assets such as BTC as margin when trading the BICOUSDT contract.
BICO price jumped
It is important to note that upon launch, the maximum funding rate for the BICOUSDT Perpetual Contract is +3.00%/-3.00%. Considering the dynamic nature of the cryptocurrency market, Binance reserves the right to adjust contract specifications as necessary. These changes may include changes to the funding fee, tick size, maximum leverage, initial margin and maintenance margin requirements.
Following this monumental announcement, Biconomy (BICO) price witnessed a phenomenal rise. Currently, BICO has increased by 31.53 percent in the last 24 hours. It is also trading at $0.267859 with an impressive increase of 28.92 percent in the last 7 days. The community of the cryptocurrency, whose market value is currently $174,887,815, is quite excited. Because it is the USDⓈ-M BICO contract on Binance Futures that promises to further shape the future of crypto trading. As a result, users are eagerly awaiting the release of this contract.
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