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Bitcoin price has started to rise again following the latest Federal Reserve meeting, with the $65,800 support level being reclaimed. It has also been revealed that Coinbase exchange has applied to offer futures trading services for three major cryptocurrencies. If approved by the CFTC, this could lead to significant price increases for the related altcoins.
Potential Altcoin Risers
Coinbase Derivatives LLC applied to the CFTC on March 7 to offer regulated futures services in the United States for Dogecoin, Litecoin, and Bitcoin Cash. The application requests certification approval from the commodity regulator. If the CFTC grants approval, we could see DOGE, LTC, and BCH freed from the SEC’s “security stamp.”
All three altcoins operate using the PoW consensus mechanism, which differs from the PoS structure that concerns the SEC, providing an advantage. Last year, there was much discussion about PoW altcoins potentially coming under CFTC regulation, which could alleviate SEC pressure on these altcoins.
Details of the application made 13 days ago have emerged today, triggering over 5% gains in the prices of the related altcoins. The futures trading is set to commence on April 1, barring any objections from the CFTC.
