Crypto Exchange Houbi Announces List of Perpetual Crypto.com Coin Exchanges ($ CRO)

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Popular cryptocurrency exchange Huobi has announced that it is listing two new cryptocurrency exchange pairs for Crypto.com’s $ CRO and for Fantom ($ FTM). According to an announcement, both will use USDT as the margin currency.

It should be noted that swaps are financial products whose value is based on the value of an underlying asset. These types of financial products are called derivatives because their price is derived from a primary asset.

Perpetual swaps, which Huobi listed for $ CRO and $ FTM, are a type of derivative with no expiration date. When traders open a perpetual swap exchange, they are betting on the future value of an underlying asset – in this case CRO or FTM – and may have to pay funding fees over time.

As with other derivatives, traders can choose to bet that the price of the underlying asset will increase by opening a long position, or that it will decrease by opening a short position. Perpetual swaps, according to CryptoCompare, use a funding mechanism that converges the perpetual price to the spot price.

Notably, the price of CRO, the native token of the Crypto..com chain which was created to “build a network of cryptocurrency projects and develop the ability of traders to accept crypto as a means of payment”, has exploded. this year after Crypto. com has announced that one of America’s most iconic sports arenas, Staples Center, will be renamed “Crypto.com Arena” following a new sponsorship deal estimated at around $ 700 million.

The price of cryptocurrency may have also increased thanks to the launch of Cronos, an EVM-enabled network configured to work alongside the Crypto.com chain which aims to evolve the DeFi and dApp ecosystem by “providing developers the ability to instantly transfer applications from Ethereum and EVM compatible channels.

Cronos is expected to be the first Cosmos EVM chain designed for DeFi, Non-Fungible Tokens (NFT), and the Metaverse. The native token of the Cronos blockchain is $ CRO.

CROUSDT chart via TradingView

Crypto analysis firm Santiment, as CryptoGlobe reported, warned in a blog post that the CRO has seen an increase in the number of investors driven by social media fear of missing out (FOMO), which could be a bearish indicator for the cryptocurrency.

The firm wrote that FOMO is “real, as shown by massive spikes in social volume this month compared to previous months.” The cryptocurrency has topped its ranking of ‘social trends’ more than once, which Santiment says historically means that it is ‘highly likely that the local top is present’.

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