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Bitcoin price experienced a surprising surge to $70,800 following the latest US PPI data. Increased volatility is expected in the coming hours. Meanwhile, Coinbase made the anticipated announcement for two popular cryptocurrencies. Bitcoin Cash (BCH) and Litecoin (LTC) are now labeled as commodities.
Bitcoin Cash and Litecoin
BCH, LTC, and DOGE derivative product applications were approved by the CFTC on April 1st, as there were no objections. This is significant because it means that the CFTC has recognized these two cryptocurrencies as commodities. As a result, they will avoid the SEC’s biased and negative discrimination in securities lawsuits.
Coinbase exchange has just announced the launch of futures contracts for Bitcoin Cash and Litecoin. Futures trading for Dogecoin will also commence at the end of this month.
“Coinbase Derivatives became the first CFTC-regulated exchange to offer margin futures contracts for Bitcoin Cash and Litecoin, which were launched earlier this month and have performed well. Bitcoin Cash and Litecoin contracts were introduced on April 1st, and Dogecoin futures contracts will be launched at the end of this month.
These contracts, sized at 1 BCH, 5 LTC, and 5000 DOGE, aim to offer advanced trading opportunities in the crypto market by promoting a more inclusive and dynamic trading environment. The introduction of additional futures contracts allows both experienced investors and individual enthusiasts to benefit from price movements and protect their existing assets.”
