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RPL price jumps 30% after Binance announces perpetual contracts

  • Rocket Pool (RPL) price jumped more than 30% to break above $12.50 on Monday.
  • The surge follows an announcement of support for RPL perpetual contracts on Binance Futures.

Rocket Pool (RPL) price rocketed as the crypto market reacted to the latest market news around the decentralised Ethereum (ETH) liquid staking protocol.

The staking feature allows ETH holders to tap into their holdings for a chance to earn yield. The staked Rocket Pool ETH token rETH allows users to stake and earn rewards with as little as 0.1 ETH.

Rocket Pool surges amid Binance listing

RPL rose sharply to highs of $12.58 across major digital asset exchanges after the world’s largest crypto exchange announced the listing of Rocket Pool perpetual futures contracts.

According to Binance, the launch USD-Margined RPL perpetual contract expands the trading options users have. Binance Futures is set to offer RPLUSDT contract starting from 12:30 UTC on September 9, 2024. Traders will have access to up to 75x leverage for the Rocket Pool futures, the exchange noted.

Earlier in the day, RPL price had struggled to below $10, with the last time the cryptocurrency traded above this level being a brief surge to $10.07 on Sept. 6. Gains in the past 24 hours have RPL price retesting a critical downtrend line.

Rocket Pool RPL/USD price on the 4-hour chart. Source: TradingView

As the chart above shows, a descending channel has been in place since the last week of August.

Rocket Pool’s price traded within the range since dropping from near $16 on Aug. 23. This negative outlook followed RPL’s decline from highs of $32 in mid-June.

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Bernstein analysts predict Bitcoin surge to $90k if Trump wins

  • Bitcoin could surge to highs of $90k if former US president Donald Trump wins the next election in November, analysts at brokerage and research firm Bernstein predict.
  • Analysts at the brokerage shared the prediction in a note to clients on September 9.

Bernstein says a “Trump trade”, as they referred to a potential win for the Republican candidate, could see the flagship digital asset’s value reach a new all-time high.

Gautam Chhugani, Sanskar Chindalia and Mahika Sapra shared the prediction in a client note published on Sept. 9. Per the analysts, Bitcoin price could climb to the $80,000-$90,000 level by the end of the year if Donald Trump wins the upcoming election.

But while a second term for the former president would herald a positive momentum for BTC, the opposite is likely should US Vice President Kamala Harris win. If the Democratic candidate surmounts the Republican challenge, her win could provide a negative impact for cryptocurrencies, the analysts noted.

In this case, it’s possible Bitcoin could trade low – price levels in the $40,000 to $30,000 range being the likely primary support area.  

Currently, most polls have Trump ahead of Harris. Traders on decentralized platform Polymarket are also betting on a Trump win, giving him a 52% chance.

Meanwhile, Polymarket data suggests Harris has a 47% chance of snatching victory.

Trump vs. Harris’ crypto approach

Trump’s more crypto-friendly stance and plans for crypto stand out as a key factor. Notably, the former US president’s approach largely contrasts with that associated with the Harris camp.

Although the Harris campaign has initiated moves such as the crypto roundtable meetings, the Democratic presidential nominee has not added her voice to the crypto question in her campaign or policy statements.

Bitcoin price struggles for upside

Bernstein’s predictions come amid Bitcoin price’s struggles in the $50k-$60k range.

Massive sell-off pressure, regulatory landscape and overall macro environment have all combined to add to a negative sentiment.

However, analysts are bullish on crypto in the short term, particularly if Trump wins. This will also feed into the long term picture, which Bernstein has previously predicted could catapult BTC to $200k by end of 2025 and $500k by December 2029.

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Binance subsidiary Tokocrypto secures major license in Indonesia

  • Binance’s subsidiary in Indonesia, Tokocrypto, has acquired the key crypto asset trader license in the country.
  • Tokocrypto obtained the license from the Commidity Futures Trading Regulatory Agency (Bappebti).
  • Binance CEO Richard Teng says the exchange will continue to support the Indonesia-based subsidiary.

Binance subsidiary Tokocrypto has secured regulatory approval as a Physical Crypto Asset Trader (PFAK) from Indonesian regulator Commidity Futures Trading Regulatory Agency (Bappebti).

In an announcement on September 9, Tokocrypto revealed the milestone comes after a rigorous licensing process dating back to 2019 when the cryptocurrency exchange first received a nod as a Prospective Phyisical Crypto Asset Trader (CPFAK).

PFAK approval sees Tokocrypto become the third digital assets exchange in Indonesia to secure this crucial license.

“We are proud of this achievement to become the third exchange to receive PFAK license in Indonesia, the market which has 35 prospective crypto exchanges registered with Bappebti. This is an essential part of our strategy to build a solid foundation in the crypto-asset ecosystem in Indonesia and ensure that we can provide the best services to our customers,” Yudhono Rawis, CEO of Tokocrypto, said.

Binance to support Tokocrypto further

The license also means that the platform now fully meets all regulatory requirements for crypto exchanges in Indonesia, Binance said in a blog post.

Commenting on the milestone, Binance CEO Richard Teng said approval means Tokocrypto has strengthened its standing as a crypto trading provider in Indonesia.

Binance, which acquired Tokocrypto in 2020, will also continue to support the exchange amid its quest to drive Web3 adoption in the region, Teng noted.

Tokocrypto’s growing market size has come as cryptocurrency benefits from a broader regulatory clarity in Indonesia.

While the government envisions a stricter framework for the sector, its largely positive approach is helping industry players. It’s this environment that has seen Tokocrypto grow its user base to over 4.5 million amid increase in monthly average volume – up 138% year-to-date.

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