The crypto market might be going through a massive slump at this point in time, but that has not stopped the biggest crypto exchanges from introducing new products. In a new development that will come as a further boost to crypto traders, Binance Binance has decided to launch margin trading in Tezos (XTZ) on its platform.
Important News for Tezos
Considering the fact that Binance is the biggest crypto exchange in the world in terms of trading volumes, this is good news for the crypto community and also for Tezos. Despite the current troubles in the crypto market, Tezos enjoyed a rally on the back of the news and hit $1.24 per token.
Tezos has generally been behind many other cryptocurrencies in the recent months, but it should be noted that for crypto traders, Binance has become one of the most important marketplaces for the token. Moreover, the listing on Coinbase has further helped matters for Tezos, since traders in the United States can now get involved as well. That being said, it is also true that margin trading can often prove to be risky and especially in cryptocurrencies with a small market cap.
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In this regard, it is important to keep in mind that there has been a clear rise in liquidity in Tezos over the recent weeks, and that is directly responsible for this decision from Binance. The introduction of margin trading should come as a boost for Tezos since it will now allow traders to bet on the price of the token. In addition to that, an onset of positive news has also been a blessing for the cryptocurrency, and the market expects it to have success in the upcoming quarter.
Binance has again proven that it is one of the best exchanges with regards to crypto margin trading at this point. The exchange offers margin trading in as many as 27 cryptocurrencies at this point.
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