Coinbase files certifications with CFTC for DOGE, LTC, and BCH
Coinbase has reportedly filed for certification with CFTC, seeking approval for the US-regulated future for three tokens: Dogecoin, Litecoin, and Bitcoin Cash. Their trading is likely to go live on the first date of April this year, that is, 2024, provided there are no objections from the CFTC (Commodity Futures Trading Commission).
The application was filed on March 7, 2024, and one of the crypto enthusiasts claimed that it all happened silently. They go by the username Summers on X. They have also tagged Elon Musk in a post published on social media platforms, stating that it is indeed a good day for Doge connoisseurs. They have also called it a stepping stone for DOGE.
Members of the community have expressed their excitement in response to the post. They have said that the possibility of using their ETF products has just increased. Many have also stated that LTC and BCH are more desirable than ever. Some of them have also tagged Brian Armstrong, the Chief Executive Officer of Coinbase, saying that he was going for the jugular.
That is probably a hint at the fact that Coinbase exchange may be getting more aggressive with its strategy to boost the adoption of cryptocurrencies.
DOGE is up by 11.515 in the last 24 hours. It is exchanging hands at $0.1513 at the time the article is being drafted. Dogecoin also leads the race for meme coins, with a market cap of ~$21 billion. This is after an increase of 11.41% in the value, supported by a surge of 15.825 in the 24-hour volume.
Similarly, LTC is dancing to the tune of bullish sentiments. After soaring by 4.74% in the last 24 hours, the token now trades at $85.26. While the 24-hour volume is down by 0.74%, the market cap has climbed by 4.79%. BCH could be the biggest gainer on the list. It has increased by 16.50% in the last 24 hours, listed at $432.35, with a rise of 48.50% in the 24-hour volume and a surge of 16.58% in market cap.
Simply put, breaking the news has strengthened their position in the market. BTC and ETH have also found a way to get closer to their recent ATH.
They had retreated to a low but are now navigating the uncertainty in the market to beat any bearish rally that may be on the way. Specifically, DOGE, LTC, and BCH are better positioned to rise in the future.
Most of it depends on objections being raised by the CFTC, or rather, not being raised by the Commission. Objections, if any, will pull back the enthusiasm and force the tokens to rely on where Bitcoin goes after Halving. Bitcoin Halving, for reference, is tentatively scheduled to happen in April this year, that is, in 2024.
