HomeCRYPTO NEWSFTX Lists Greenback Spot Index Perpetual Futures

FTX Lists Greenback Spot Index Perpetual Futures

us dollar
Supply: Unsplash

The main crypto alternate FTX has listed a brand new perpetual futures contract for the US Greenback Index (DXY), ultimate for merchants who need to wager on the course of the at present very robust US greenback.

The brand new itemizing by FTX was introduced on the alternate’s web site on Monday, and the product began buying and selling at 6pm UTC the identical day beneath the ticker FTXDXY. In addition to a quick spike in worth simply after 7pm UTC, FTXDXY has usually trended decrease since its itemizing yesterday.

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30-minute chart of FTXDXY. Supply: FTX.com

DXY is an index that measures the US greenback’s energy in opposition to a basket of different main currencies, together with the euro, Japanese yen, Canadian greenback, and British pound. This fashion of trying on the greenback is beneficial as a result of it gives a extra complete image of the USD, which is in any other case solely measured in relation to a different forex.

The US greenback is at present at its highest stage since 2022, helped by tightening of financial coverage and speedy rate of interest hikes within the US. And on condition that bitcoin (BTC) remains to be seen as a risk-on asset, many merchants imagine {that a} weakening of the US greenback could be wanted for BTC to rise.

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US greenback index since 2020. Supply: TradingView

Commenting on the brand new itemizing, many Twitter customers appeared to take it as an indication that DXY could have peaked for now, with one consumer jokingly saying “no matter FTX lists simply goes bear mode.”

“Possibly [FTX CEO Sam Bankman-Fried] saved the entire crypto world. Not the hero we deserved however the one we wanted,” the consumer added.

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