Coinbase Launches International Derviatives Exchange – May 2

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,520

Bitcoin price has bounced back from a short venture into the $27,000s, now sitting at around $28,500 to begin Tuesday.

Top-20 altcoins have seen small movements over the last 24 hours, as Ether gains 2%, BNB falls 1% and XERP rises 1%.

Top Stories for May 2, 2022 🔥

👉 Coinbase Launches International Derviatives Exchange

Coinbase is launching a new platform, Coinbase International Exchange, which will allow international users to trade perpetual futures out of Bermuda.

The exchange will start by offering bitcoin and ether derivatives with 5x leverage, with additional listings expected in the future. The move comes as Coinbase faces regulatory battles in the US and seeks to expand overseas.

Gemini has also announced plans to offer derivatives trading to customers across 30 jurisdictions, reflecting the opportunity for firms to capitalise on the gap left by fallen rival FTX.

👉 Meme Token “PEPE” Reaches Half A Billion Market Cap

Meme-based token PEPE has surged by 2,100% since it was issued last month, reaching a market cap of $502m.

Its price gained 350% over the weekend, with derivatives exchange BitMEX saying it will list perpetual swaps for the token, allowing traders to use 50 times leverage. The token has around 75,000 holders, with some wallets holding more than $5m.

While hype around the meme token continues to build, some early investors have cashed out, with one trader losing $350,000 after being hit with 25% slippage due to minimal liquidity.

👉 Ordinals Drive New All-Time Highs For Bitcoin Hash Rate, Daily Transactions

The Bitcoin hash rate has hit an all-time high of 439 exahashes per second (EH/s), indicating increased confidence in the network’s security and stability.

The surge in the hash rate is partly driven by the resurgence in the popularity of Bitcoin ordinal inscriptions. Each ordinal inscription counts as a transaction, and as more people buy, sell, and trade Bitcoin Ordinals, the number of daily transactions on the network has significantly increased to 682,000.