Coinbase, a leading cryptocurrency exchange, is set to introduce futures trading for Dogecoin, Litecoin, and Bitcoin Cash on April Fool's Day. Litecoin, a Bitcoin offshoot, surged by 6.78% to $86.03 on Wednesday, accompanied by the announcement that Coinbase Global had filed with the Commodity Futures Trading Commission (CFTC) to initiate futures trading for the cryptocurrency.
Bitbase Launches Futures Contracts for Bitcoin Forked Cryptocurrencies
Litecoin, Dogecoin, and Bitcoin Cash will see the introduction of monthly cash-settled futures contracts alongside Bitcoin futures trading. Bloomberg Intelligence ETF research analyst, James Seyffart, noted that this move by Coinbase raises regulatory questions regarding the classification of these Bitcoin forked cryptocurrencies. Seyffart highlighted the certifications quietly filed with the CFTC, suggesting a strategic move by Coinbase amidst evolving regulatory landscapes.
Litecoin, Dogecoin, and Bitcoin Cash: Crypto Assets Born from Bitcoin's Evolution
Litecoin, created in October 2011 by Charles "Charlie" Lee, a former Google engineer, shares the open-source codebase of Bitcoin. Similarly, Dogecoin and Bitcoin Cash emerged from Bitcoin in 2013 and 2017, respectively. These developments come amid significant market volatility, with Coinbase addressing user concerns over pending crypto transactions, ensuring the safety of their funds.
Cryptocurrency Demand Remains Strong Amid Market Volatility
Despite market turbulence, reflected in over $650 million worth of crypto liquidations in a single day, demand for cryptocurrencies remains robust. Bitcoin witnessed a 13% decline on March 20, sparking concerns about market recovery. However, Coinbase's decision to introduce futures trading for these assets underscores growing market interest. Moreover, the move underscores the rising significance of altcoins like Dogecoin and Litecoin, initially conceived as jokes but now gaining substantial traction in the crypto sphere.