Popular cryptocurrency exchange Huobi has announced it’s listing two new cryptocurrency swaps pairs for Crypto.com’s $CRO and for Fantom ($FTM). According to an announcement, both will be using USDT as a margin currency.
Swaps, it’s worth noting, are financial products whose value is based on the value of an underlying asset. These types of financial products are called derivatives, as their price is derived from a primary asset.
Perpetual swaps, which Huobi listed for $CRO and $FTM, are a type of derivative with no expiry date. When traders open a perpetual swap trade they are betting on the future value of an underlying asset – in this case CRO or FTM – and may have to pay funding fees over time.
Crypto analytics firm Santiment, as CryptoGlobe reported, has warned in a blog post that CRO has seen a spike in investors driven by fear of missing out (FOMO) from social media, which could be a bearish indicator for the cryptocurrency.
The firm wrote that the FOMO is “real as seen from the massive spikes in social volume over this month as compared to the previous months.” The cryptocurrency topped its “Social Trends” ranking more than once, which historically Santiment says means it’s “highly likely that the local top is in.”