Waves CEO calls futures markets ‘breeding ground for FUD,’ requests exchanges disable trading Waves CEO calls futures markets ‘breeding ground for FUD,’ requests exchanges disable trading
According to Ivanov, Waves does not need a futures market because it is a "breeding ground for FUD and making money off short positions."
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Updated: Aug. 17, 2023 at 2:47 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Waves (WAVES) founder Sasha Ivanov has begged all centralized exchanges to disable the futures markets for the digital asset in a Dec. 21 tweet.
According to Ivanov, Waves does not need a futures market because it is a “breeding ground for FUD and making money off short positions.”
The Waves CEO tagged the social media handle of several crypto exchanges including Binance, OKX, Huobi, Kraken, and others in his tweet.
According to Investopedia, a futures market allow participants to buy and sell an asset at a predetermined future date and price.
CryptoSlate previously reported that open interest on WAVES rose by 176% on Dec. 8 following South Korean exchange Upbit’s decision to issue an investment warning on the asset. According to Waves Labs, the DAXA warning did more harm to the token than USDN stablecoin depegging.
Meanwhile, when Ivanov was advised to buy more spot WAVES tokens to squeeze the short sellers, he revealed that he does not trade and the only asset he holds is the embattled token.
WAVES down 98% from ATH
WAVES price has declined by roughly 98% from its all-time high of $61, according to CryptoSlate data.
According to the data, the token has been on a downward trajectory since it reached its all-time high in March 2022. Within the last 30 days, the asset’s value has declined by over 30% to its current value of $1.52.
Crypto analyst il Capo Of Crypto posited that the poor price performance would continue as its minimum target is $0.11.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Waves is an open blockchain protocol and development toolset for Web 3.0 applications and decentralized solutions, aiming to raise security, reliability and speed of IT systems.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Sasha Ivanov is a Technology Entrepreneur and for the past decade, he’s been helping improve business, banking and public administration systems evolving electronic payment mechanisms.