News

FTX Launches US Dollar Spot Index Futures

FTX, a cryptocurrency exchange, announced Monday that it is expanding its reach into the realm of foreign exchange derivatives trading by offering a perpetual futures contract linked to a US dollar spot index.

While cryptocurrency markets have been stagnant, foreign exchange dealers have recently experienced a surge in volatility.

DXY chart. Source: Trading View

As one of the largest cryptocurrency exchanges in the market today, FTX cannot pass up this opportunity.

For the new perpetual contract, the product will be called the FTX Dollar Spot Index, which is designed to track the performance of the top 4 global currencies against the US dollar: the euro, Japanese yen, Canadian dollars and British pounds.

Through the new product, perhaps the exchange is enabling traders to short USD to open up a bullish opportunity for BTC.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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