The cryptocurrency market is trying to lick its wounds today after yesterday’s bloodbath. While the leading crypto Bitcoin rose to the level of 59 thousand dollars, altcoins also started to rise in general. In this positive atmosphere, Coinbase International, the futures trading arm of Coinbase, the leading crypto exchange, announced the listing of 3 altcoins. The exchange announced that it will launch perpetual contract trading for AR, HBAR and THETA. One of the tokens reacted positively to the announcement.

Coinbase adds AR, HBAR and THETA to its futures list!

Cryptocoin.comthe market managed to enter the green zone today. While Bitcoin and altcoins are trying to recover their losses, listing news continues to come. In a recent development, Coinbase International announced that it will launch AR, HBAR and THETA perpetual contract trading on May 9 at 12:30 p.m. ET or later. In this context, the exchange made the following statement:

CoinbaseIntExch will add support for Arweave, Hedera and Theta perpetual futures on Coinbase International Exchange and Coinbase Advanced. Our AR-PERP, HBAR-PERP and THETA-PERP markets will open on or after 12:30 p.m. ET on May 9, 2024.

How did altcoin prices react?

AR price, one of the related tokens, reacted positively to the development. After the Coinbase announcement, the AR price rose above $33. The token then lost altitude but continues to fly high. At the time of writing, AR was trading at $32.60, up over 21% on a daily basis.

AR daily price chart. Source. CoinMarketCap

However, the Coinbase announcement did not seriously affect other tokens. HBAR price remained unchanged, while THETA saw a slight increase.

JPMorgan: Retail investors drove the market sell-off

Wall Street giant JPMorgan (JPM) said it maintains its cautious stance on cryptocurrency markets in the near term due to a lack of positive catalysts and the disappearance of individual impulse. The bank noted that individual investors sold both crypto and equity holdings in April. It also noted outflows in spot Bitcoin exchange-traded funds (ETFs). The three barriers the bank has already identified are still in place. These are: high positioning, high Bitcoin prices compared to gold and the estimated cost of Bitcoin production, and stagnant crypto venture capital (VC) funding.

In the report, analysts noted that cryptocurrency markets have seen significant profit-taking in recent weeks. They also noted that individual investors played a bigger role in sales than institutional investors. Bitcoin fell 16% in April, the biggest monthly drop since June 2022.