Bitcoin Surges to Record High as Coinbase Debuts BCH and LTC Futures Trading
Release: 2024/04/11 21:24 Reading: 513
You can also read this news on BH NEWS: Bitcoin Surges to Record High as Coinbase Debuts BCH and LTC Futures Trading
Bitcoin‘s price has soared to a new high of $70,800, propelled by the latest U.S. Producer Price Index data. This price hike has set the stage for higher market volatility in the near future. In parallel to the cryptocurrency’s price movement, leading digital asset exchange Coinbase has initiated futures trading for two prominent cryptocurrencies, Bitcoin Cash (BCH) and Litecoin (LTC), which have recently been acknowledged as commodities.
Commodity Status for BCH and LTC
The U.S. Commodity Futures Trading Commission (CFTC) granted approval for derivative products tied to BCH, LTC, and Dogecoin (DOGE) without any dissent on April 1st. This development is critical as it confirms the classification of BCH and LTC as commodities, shielding them from the more stringent securities litigation that the Securities and Exchange Commission (SEC) often carries out.
Coinbase Launches Futures Trading
Coinbase has made a significant move by introducing futures contracts for Bitcoin Cash and Litecoin. The platform intends to extend its futures offerings to include Dogecoin by the end of the current month. These futures contracts, offered by Coinbase Derivatives, mark the exchange as the first CFTC-regulated platform to support margin futures contracts for these digital assets.
Notes for the User
- Bitcoin’s spike to $70,800 could lead to increased trading volatility, suggesting a potential opportunity for traders.
- The CFTC’s classification of BCH and LTC as commodities may influence their market perception and regulatory treatment.
- Coinbase’s new futures contracts for BCH and LTC provide traders with more instruments to hedge or speculate on digital asset prices.
- The upcoming Dogecoin futures launch could further expand trading options for cryptocurrency investors.
Coinbase Derivatives Exchange is pioneering these efforts by offering contracts sized at 1 BCH, 5 LTC, and 5000 DOGE, aiming to create a versatile and accessible trading environment. These new offerings are designed to cater to the needs of savvy investors and cryptocurrency enthusiasts by enabling them to capitalize on market trends and safeguard their investments against price fluctuations.
The post first appeared on BH NEWS: Bitcoin Surges to Record High as Coinbase Debuts BCH and LTC Futures Trading
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