BitMEX Unveils New Basket Index Tied To Major Memecoins
Crypto exchange BitMEX has announced a new index that allows traders to gain exposure to the top 10 memecoins.
Crypto derivatives exchange BitMEX has announced the launch of a new basket index, the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, which provides traders exposure to the top 10 memecoins by market capitalization as the trading platform seeks to offer new ways for traders to capitalize on the memecoin frenzy.
The Seychelles-headquartered exchange revealed in a press release shared with crypto.news that the new index is traded in pair against Tether‘s USDT stablecoin, constructed as a weighted average price of the key memecoins, and is “rebalanced monthly.”
BitMEX chief executive Stephan Lutz said the index launch was a response to a “growing appetite from BitMEX users to get in on the action,” adding that the new product is aimed to simplify trading by offering a single product that eliminates the need to navigate through a vast array of memecoins.
“The sheer number of meme coins can be overwhelming, making it tricky for traders to find their footing. Thus, we’re excited to launch the MEMEMEXTUSDT Perpetual Swap.”
Stephan Lutz
The exchange hopes that by aggregating multiple memecoins into a single index product, the contract can provide “improved liquidity, enabling traders to more easily execute their trades at favourable prices.” The contract specifics include a maker fee of -0.015% and a taker fee of 0.075%.
Ether Surges 16% Amid Speculation Of US ETF Approval
New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Surprise Crypto Surge May Come This Week – Here Are The Top Coins To Keep An Eye On
This week’s crypto market shift has investors buzzing—find out which digital currencies could be poised for a breako... Read more
CFTC Wins $36m Victory In California Crypto Fraud Case
New York resident William Koo Ichioka agreed to pay $36 million in a CFTC case alleging cryptocurrency and forex fraud. ... Read more
Experts Predict 5000% Gains For This Solana Memecoin Set To Rival Dogecoins 2021 Surge
Discover a new memecoin on Solana, inspired by Dogecoin, with analysts predicting gains of up to 5,000%. #partnercontent Read more