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Coinbase International has introduced perpetual futures trading for Turbo, an AI meme coin, with the contracts initially launching in halt mode but quickly transitioning to full functionality. The exchange will also soon offer similar contracts for ApeCoin, a utility and governance token within the ...
Coinbase International has added perpetual futures trading for Turbo, an AI meme coin, and will introduce similar contracts for ApeCoin next week.
The exchange swiftly launched perpetual futures trading for Turbo, with full functionality following a brief halt mode.
Despite recent price fluctuations, perpetual futures trading for meme coins like Turbo and GOAT presents substantial gains but also heightened risk.
Coinbase International has introduced perpetual futures trading for Turbo, an AI meme coin, with the contracts initially launching in halt mode but quickly transitioning to full functionality. The exchange will also soon offer similar contracts for ApeCoin, a utility and governance token within the APE ecosystem.
The decision to add perpetual futures trading for Turbo came on October 24, with full functionality following shortly after a brief halt mode. The exchange has been rapidly expanding its perpetual futures offerings, with ApeCoin being the latest addition.
Despite recent price fluctuations, perpetual futures contracts offer traders the opportunity to speculate on asset prices without expiration dates, albeit with heightened risk, especially in the volatile meme coin industry.
Coinbase International added perpetual futures trading for Turbo, a popular AI meme coin. These contracts initially launched in halt mode, but full functionality swiftly followed. Next week, the exchange will introduce similar contracts for ApeCoin, a utility and governance token within the APE ecosystem.
COINBASE’S PERPETUAL FUTURE OFFERINGS
Sponsored Sponsored Coinbase International added perpetual futures trading on AI meme coin Turbo on October 24. The exchange has been launching several perpetual futures contracts this year, including some for other meme coins. This announcement came at 9:30 AM UTC, and included the caveat that full functionality would not be immediate. > “Our TURBO-PERP market will now enter halt mode on Coinbase International Exchange and Coinbase Advanced. Users can post and cancel limit orders, but there will be no matches. The market will remain in halt mode for a minimum of 1 minute,” Coinbase stated.
However, this period of halt mode did not last long, and Coinbase declared full trading only five minutes later. In fact, the exchange seems to be adding perpetual futures trading options swiftly. Its previous offering took place one month prior, but Coinbase declared another coin perpetual futures contract, ApeCoin, by the end of the day.
Turbo is currently gaining attention in the meme coin space. Its valuation surged by 116% in October, with Turbo and GOAT accounting for 60% of all AI meme coin trading volume.
Turbo price action Turbo Price. Source: BeInCrypto Sponsored Sponsored Despite this rise, Turbo’s price has dropped since reaching a peak in mid-October. Although its value spiked after Coinbase’s announcement, the recent week’s decline has overshadowed those earlier gains. Perpetual futures contracts don’t contain expiration dates, allowing traders to speculate on asset prices indefinitely. However, they also come with enhanced risk.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies? The meme coin industry is especially prone to volatility; for example, GOAT’s value dropped by a staggering 50% in one day recently, highlighting potential dangers. Still, this type of risk has an appeal of its own, potentially offering substantial gains.
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Technical Analysis: Unveiling Market Trends
In the current market environment, the S&P 500 index has exhibited a strong bullish trend, supported by the 50-day moving average. The Relative Strength Index (RSI) stands at 65, indicating a potential continuation of bullish momentum. However, caution is advised as the index approaches overbought territory.
Apple Inc. (AAPL) has shown a breakout above its key resistance level, signaling a potential upward movement. The RSI is at 70, suggesting a slightly overbought condition. Traders should monitor for a sustained move and potential retest of the breakout level.
The head and shoulders pattern on the chart of Amazon.com Inc. (AMZN) raises concerns as the stock approaches the neckline support. A breakdown from this level could indicate a trend reversal with bearish implications.
Overall, while bullish momentum is prevalent in the market, investors should remain vigilant as overextended conditions and potential trend reversals pose inherent risks. Technical analysis provides a valuable framework for decision-making, but it's essential to acknowledge the uncertainties inherent in market forecasting.
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Business Focus: Develops, markets, and licenses proprietary materials, processes, and technologies for the semiconductor industry
Operating Regions: North America, Europe, and Asia Pacific
Headquarters: Los Gatos, California
Industry: Manufacturing, Semiconductors & Related Devices
NAICS Code: 93701000
Revenue: $640,000
Net Income: $7
EPS (Earnings Per Share): -$0.73
Price Change (52 Weeks): 0.025
Employees: 109
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Company: C3 Ai Inc
Stock Ticker: C3
Sector: Technology
Industry: Services-Prepackaged Software
Market Cap: 3102146000
Dividend Yield: None
Price/Earnings (P/E) Ratio: None
EPS: -2.28
ROI: 2.674
Beta: -0.855
Volume: 325433000
Current Stock Price: $25.11
50-Day Moving Average: $0
200-Day Moving Average: $0
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