Binance has triggered a double-digit rally in an altcoin where it will allow trades with up to 20x leverage. Here are the details…
Binance launches up to 20x leveraged transactions on this altcoin
Binance announced today that it will launch trading for Blur (BLUR) with up to 20x leverage. BLUR’s price is up 15% after the Binance announcement.
According to the official announcement, Binance Futures will launch the USDⓈ-M BLUR perpetual contract with up to 20x leverage from 3 p.m. on April 28. Details about the new BLUR/USDT contract are as follows:
BLUR price rises in double digits
Blur, a popular NFT platform, recorded a local peak of $0.7162 in the price of its native token BLUR after the announcement. The price gained more than 15% from the intraday low of $0.5896. At the time of writing, it is trading in the $0.696 region, where it has returned most of its gains. It continues to keep its earnings above 5% for the last 24 hours.
At the time of the Binance announcement, the hourly view of the BLUR price was as follows:
Binance announcement also got the whales moving
While Lookonchain shared the Binance announcement on Twitter, it included several hefty BLUR purchases that took place prior to the announcement. According to the analysis, “3 Ethereum whales pulled 686 ETH on April 15. Whales bought 2 million BLUR with all the ETH they withdraw.”
The report shows that whales paid $1.42 million for 2 million BLUR. The average purchase price of the transaction was $0.636.
The price of $BLUR has risen by ~10% with the announcement of launching $BLUR perpetual on #Binance.
We noticed 3 $ETH withdrawers withdrew a total of 686 $ETH ($1.28M) on Apr 15, then used all funds to buy 2M $BLUR ($1.42M currently) today, the average price is $0.636. pic.twitter.com/LsPsMvDSN5
— Lookonchain (@lookonchain) April 27, 2023
How about the NFT market?
Blur aims to be the market leader especially in NFT trading. Recent data revealed that throughout April, the NFT market, without exception, consistently saw more sellers than buyers.
According to data from analytics platform NFTGo, there were only 8,066 buyers on April 27, while 9,650 people tried to sell their NFTs.
Days ago, on April 19, the NFT market hit the second bottom of the last 12 months with only 5,893 buyers. Additionally, while there were more buyers (18,495) in the market on April 5, there were also 36,423 sellers.
According to the data, there was not a single day in April when the number of buyers exceeded the number of sellers. This points to a potential lack of demand, which could be worrying for those planning to sell their NFTs soon. The last recorded day that buyers surpassed sellers was March 11, when there were 9,756 buyers and 9,754 sellers.
According to the CoinGecko report dated March 20, the six largest NFT platforms also saw an increase for the fourth month in a row, with a total volume of $580 million in February. The report revealed that the market witnessed a 126% increase compared to the previous month’s volume of $250 million. It also cites the general recovery of the NFT market as the reason for the increase.
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