Wednesday, Jul 06, 2022
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CrossTower Starts Perpetual Futures Trading; Jack Dorsey’s $48 Mn Tweet Gets $280 Bid

CrossTower crypto exchange plans to roll out perpetual futures trading in 20 top tokens. The price of Bitcoin rose 2.59 per cent in the last 24 hours and Ethereum was up 1.33 per cent

Twitter co-founder Jack Dorsey PTI Photo/Vijay Verma

Crypto and digital asset exchange CrossTower has announced the launch of perpetual futures trading, which is now available on its Bermuda digital exchange. Perpetual futures are derivatives contracts that, unlike traditional futures contracts, are not limited to a predetermined expiration date. The product provides an opportunity to the company’s customer base to take long and/or short positions, consistent with their portfolio and risk objectives, a press statement noted.   

Kapil Rathi, co-founder and CEO of CrossTower, said: “Perpetual futures provide investors critical tools that can facilitate and shape their investment objectives… we are thrilled to be contributing to the maturation of the digital asset ecosystem.”  

Perpetual futures trading is being offered to qualified clients on an institutional grade and regulated platform. In the coming weeks, CrossTower intends to roll out perpetual futures trading in 20 top name tokens. 

In another development, a non-fungible token (NFT) of Twitter Inc co-founder Jack Dorsey's first tweet got the highest bid of just under $280. The current owner of the NFT had put it up for sale for $48 million, according to various media reports. The NFT had failed to garner much in the way of interest when it was recently put up for resale, according to a Coindesk report. 

Crypto Prices   

The price of Bitcoin in the cryptocurrency market rose by 2.59 per cent in the last 24 hours, and it was trading at $41,037.89 at 4:00 pm IST. Its dominance in the crypto market is currently at 41.00 per cent, up by 0.21 per cent in the last 24 hours, according to Coinmarketcap.com.  

In the last 24 hours, Ethereum (ETH) was trading at $3,083.29, up 1.33 per cent, while Binance Coin (BNB) rose 0.33 per cent in the same period, and was trading at $417.99. Solana (SOL) was up by 1.74 per cent to $104.42, while Cardano (ADA) was up by 1.14 per cent to $0.9566.  

Meme Coins   

Among meme coins, Dogecoin was up 3.50 per cent, and it was trading at $0.1431 at 5:00 pm on Coinmarketcap.com. Its rival, Shiba Inu, was up by 0.23 per cent and was trading at $0.00002645. Samoyedcoin was up by 9.98 per cent, trading at $0.02003, while Dogelon Mars was up by 0.45 per cent, and was trading at $0.0000008121. 

Overall Scenario   

According to Coinmarketcap.com, the global crypto market cap was at $1.90 trillion, an increase of 2.33 per cent in the last 24 hours, while the total crypto market volume was $83.49 billion, down by 6.98 per cent.  

Solar Bear (SOLBEAR) became the biggest gainer, recording a rise of 642.10 per cent. It was trading at $0.00002096 at 5:00 pm, according to Coinmarketcap. In contrast, Magic Ethereum Money (MEM) witnessed the maximum loss, falling 94.71 per cent. It was trading at $0.0000001645. 

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