Bitcoin Cash (BCH) has seen a strong 15% rise in the last 24 hours after futures listing plans on Coinbase for the asset emerged.
Coinbase Plans to Launch Bitcoin Cash Futures Product on April 1
As one user X pointed out, the cryptocurrency exchange Coinbase appears to have registered certifications with the Commodity Futures Trading Commission (CFTC) to list futures products for three currencies on its platform: Bitcoin Cash (BCH), Dogecoin (DOGE), and Litecoin (LTC).
Coinbase Derivatives LLC has quietly filed certifications with the CFTC to list US-regulated futures for Dogecoin, Litecoin and Bitcoin Cash.
They filed them on March 7, and surprisingly, no one seemed to notice.
Futures are expected to begin trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2
– Summers (@SummersThings) March 20, 2024
According to the CFTC order, all of these products were certified on March 7 and are expected to go into operation on the first of the month.
The BCH, LTC, and DOGE futures contracts were all certified earlier in the month | Source: CFTC
Interestingly, all three of these digital assets are based on the original cryptocurrency: Bitcoin. Bloomberg analyst James Seyffart suggested that may be why Coinbase chose them.
This is interesting… I wonder if the SEC objects to these being classified as ‘commodity futures’ versus ‘security futures’. This was all forked from Bitcoin, so “these are securities” claims would be difficult to make after the spot #Bitcoin ETF Approvals. This could be why Coinbase chose them🤔 https://t.co/PRCxzQEYbi
-James Seyffart (@JSeyff) March 20, 2024
Unlike LTC and DOGE, which are initially based on the BTC code, BCH is a direct fork of the cryptocurrency made to fulfill BTC’s original purpose as a fast and cheap form of currency that can be used for regular purposes (hence the name).
The filling done by Coinbase in Bitcoin Cash says:
Bitcoin Cash’s market position reflects its role as an alternative to Bitcoin that prioritizes transaction efficiency. Although it has not matched Bitcoin in terms of market capitalization or price, Bitcoin Cash has established itself as a significant player in the cryptocurrency space with a dedicated user base and ecosystem.
BCH enjoyed a 14% increase during the last 24 hours
The cryptocurrency sector has surged in recent days, but two coins in particular have stood out among the top 20 assets for market value: Bitcoin Cash and Dogecoin.
Both achieved returns of over 14% in this period, notably outperforming their peers. Bitcoin itself only managed to muster an increase of around 6%.
Given that the Coinbase fill has been circulating in this window, it seems likely that it was at least partially responsible for the extraordinary rises in these coins.
Although Litecoin is also planned to see its futures contract launch on the same day as the other two, its price performance has been more or less in line with the rest of the market, with its profits at just 4%.
After the strong rise, Bitcoin Cash has now reached the level of US$424. The chart below shows how the cryptocurrency’s trajectory has been in recent days.
Looks like price of the asset has shot up over the past day | Source: BCHUSD on TradingView
Considering market value, Bitcoin Cash is currently the 17th largest asset. Although there is some distance to Polygon (MATIC) in 16th place, LTC may be able to catch up if it can maintain this rally.
The BCH market cap seems to be $8.3 billion at the moment | Source: CoinMarketCap
Featured image from Shutterstock.com, chart from TradingView.com
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