Bitcoin Cash (BCH), which is a digital asset, has seen a 15% surge in value over the last 24 hours following the announcement of plans to list futures on Coinbase.
Coinbase plans to launch Bitcoin cash futures product on 1 April
A user of X has noted that the crypto exchange is a cryptocurrency Coinbase It appears that Bitmain has filed with the Commodity Futures Trading Commission, (CFTC), certifications to list products of futures for three different coins: Dogecoins (DOGE), Litecoins (LTC), and Bitcoin Cashs (BCH).
Coinbase Derivatives LLC has quietly submitted certifications to the CFTC for futures regulated in US dollars that include Dogecoin (Dogecoin), Litecoin (Litecoin) and Bitcoin Cash.
On March 7, they filed the documents and nobody appeared to have noticed.
Futures are set to start trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2
— Summers (@SummersThings) March 20, 2024
The CFTC filed states that all these products are certified as of March 7. They will be available for trading at the beginning of every month.
Source:| Source: CFTC
All three digital assets are based off the first cryptocurrency, Bitcoin. James Seyffart of Bloomberg has said that Coinbase’s choice may be due to this.
This is interesting… wonder if the SEC objects to these being classified ‘commodities futures’ vs ‘securities futures’. All of these forks from Bitcoin. “these are securities” After a spot, it would be difficult to claim. #Bitcoin ETF approvals. Coinbase might have selected them for this reason🤔 https://t.co/PRCxzQEYbi
— James Seyffart (@JSeyff) March 20, 2024
BCH, unlike LTC or DOGE which were based on BTC code initially, is a fork made directly from the original cryptocurrency. It was created to serve BTC’s purpose of being a cheap and fast form of currency, that could be used in regular life (hence its name).
Coinbase’s filling on Bitcoin Cash is:
Bitcoin Cash’s market share reflects the fact that it is an alternative currency to Bitcoin, which prioritizes efficiency in transactions. Bitcoin Cash may not have the same market capitalization as Bitcoin, but it is a strong player with an active user base.
BCH has enjoyed a 14% increase in the last 24 hours
In the cryptocurrency market, the sector is up today but there are two notable coins that have been ranked amongst the 20 top assets. market capBitcoin Cash, Dogecoin.
These two have outperformed their competitors by more than 14 percent in the past year. Bitcoin alone has managed to only put together an increase of around 6%.
The Coinbase Filling is a common sight in this window. This would suggest that at least a part of the surge was due to it.
Litecoin’s price has performed more or less the same as that of the other markets, with profits at just 4%.
Bitcoin Cash now sits at $424. Below is a chart that shows the trajectory of the cryptocurrency over the past few days.
Source:| Source: BCHUSD on TradingView
Bitcoin Cash currently ranks 17th in terms of market capitalization. LTC is still a long way behind Polygon (MATIC), which sits in 16th position, but if the rally continues LTC could catch up.
BCH's market capitalization is currently $8.3 Billion | Source: CoinMarketCap
Chart from TradingView.com. Image from Shutterstock.com.
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