Coinbase To List These Two Major Altcoins, Will It Fuel Price Recovery?

Crypto exchange Coinbase announced support for two major altcoins amid the present market sentiment. The exchange will add support for Immutable and Flow Perpetual Futures. The move is expected to ignite bullish sentiments as stated by many on crypto spaces.

Coinbase To Support Immutable and Flow 

Coinbase International Exchange announced support for Immutable (IMX) and Flow (FLOW). Both altcoins will notch a perpetual futures listing on both Coinbase International and Advance. In a Sept 5 post on X (formerly Twitter), the company wrote that the IMX- PERP and FLOW- PERP markets will be launched on Sept 12 with users buzzing in anticipation. 

@CoinbaseIntExch will add support for Immutable and Flow perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our IMX-PERP and FLOW-PERP markets will begin on or after 9:30am UTC 12 SEP 2024. $IMX $FLOW pic.twitter.com/RGJ629tHdd

— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) September 5, 2024

This comes as crypto platforms seek to increase investment options for users. In the last few months, decentralized finance (DeFi) investments have deepened creating a new demand for products in the market. The move to include Immutable and FLOW will contribute to the derivatives market while meeting the exchange goals of meeting the needs of global participants. 

Traditionally, moves by top crypto exchanges like Coinbase ignite the market due to the volume available to those tokens. On the part of altcoins, can spur sentiments around legitimacy leading to increased momentum.

Impact on IMX And FLOW 

The major reason for the spark in crypto spaces stems from potential impacts on the asset’s price movement. Although a consensus tips the announcement to ignite a rally, with market sentiment down, some commentators suggest a slow recovery. At press time, the wider crypto market is down 3% with Bitcoin price trading below $56,500. Altcoins are also in the same boat as several assets post wider losses in the 24-hour window. Meanwhile, IMX price stands at $1.18,  a 7% decline today with 20% weekly outflows. FLOW trades at $0.53, a 5% decline in the same time frame. On the flip side, crypto enthusiasts look towards a turnaround in macroeconomic sentiments.

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.