Crypto Exchange Coinbase Announces Support for Immutable and Flow Amid the Present Market Sentiment

The exchange will add support for Immutable and Flow Perpetual Futures. The move is expected to ignite bullish sentiments as stated by many on crypto spaces.

Crypto exchange Coinbase has announced support for Immutable (IMX) and Flow (FLOW) perpetual futures trading on Coinbase International and Advanced exchanges, both set to go live on September 12.

Coinbase To Support Immutable and Flow Perpetual Futures Coinbase International Exchange will add support for Immutable (IMX) and Flow (FLOW) perpetual futures. Both altcoins will notch a perpetual futures listing on both Coinbase International and Advance.

In a recent announcement on X (formerly Twitter) on September 5, the company noted that the opening of the IMX-PERP and FLOW-PERP markets will begin on or after 9:30am UTC 12 SEP 2024, as users buzz in anticipation.

@CoinbaseIntExch will add support for Immutable and Flow perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our IMX-PERP and FLOW-PERP markets will begin on or after 9:30am UTC 12 SEP 2024. $IMX $FLOW pic.twitter.com/RGJ629tHdd

— Coinbase International Exchange ?️ (@CoinbaseIntExch) September 5, 2024

This development comes as crypto platforms are aiming to increase the number of investment options available to users. In the last few months, we’ve seen a deepening interest in decentralized finance (DeFi) investments, which is creating a new demand for products in the market.

The move to include Immutable and FLOW will contribute to the derivatives market while meeting the exchange’s goals of catering to the needs of global participants.

Usually, we see that any move by top crypto exchanges like Coinbase tends to ignite the market, given the volume that’s available to those tokens. On the part of altcoins, this can spur sentiments around legitimacy, leading to increased momentum.

Impact on IMX And FLOW The major reason for the spark in crypto spaces stems from the potential impacts on the asset’s price movement. While a consensus tips the announcement to ignite a rally, with market sentiment down, some commentators suggest a slow recovery.

At press time, the wider crypto market is down 3%, and the Bitcoin price is trading below $56,500. Altcoins are also in the same boat as several assets post wider losses in the 24-hour window. Meanwhile, the IMX price stands at $1.18, showing a 7% decline today with 20% weekly outflows. FLOW trades at $0.53, showing a 5% decline in the same time frame.

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