The price of Lorenzo Protocol (BANK) has risen by around 150%
The price of Lorenzo Protocol (BANK) has risen by around 150% this Saturday, defying the recent erratic trend of the whole market. Since Binance, a leading CEX, announced a new listing for its native coin, the institutional-grade asset management platform has mostly taken center stage. Because of this, traders and investors are closely monitoring this cryptocurrency, wondering if the pump will hold up in the face of more market exposure.
The price of the Lorenzo Protocol is rising as Binance Futures adds the BANKUSDT contract.
The price of BANK was $0.05097 at the time of publishing, a 145% increase in a single day. In line with Binance’s announcement, the price of the cryptocurrency rose from an intraday low of $0.01839, representing gains of more than 150%.
On April 18, the cryptocurrency exchange issued a formal press release announcing the addition of the BANK USD-Margined perpetual contract to its portfolio of products by the platform’s futures trading business. The massive user base of the platform is still positioned to benefit from up to 50x leverage when trading the asset. This launch was scheduled for the same day at 18:30 UTC.
Additionally, the capped funding rate was established at +2.00%/-2.00% by the leading cryptocurrency exchange. Additionally, “Futures Copy” trading will have access to the same perpetual contract, giving customers more chances to profit.
For background, the new offering has caused the market’s normal sentiments regarding the coin’s future price action to become extremely optimistic. As the new listing opens the door for increased investor engagement with the asset, traders and investors anticipate a significant inflow of capital into the token.
With an almost 150% surge since the listing announcement, cryptocurrency market observers are now closely observing the token for potential gains. The yield-bearing tokens issued by the institutional-grade asset management platform Lorenzo Protocol are supported by a variety of underlying strategies.
Besides, it’s worth mentioning that Binance revealed another crypto listing this week, CoinGape reported. The CEX has revealed plans to open trading for Balance (EPT) shortly, garnering further attention among traders and investors.
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