bitcoin Cash (BCH) has recorded a strong 15% rally in the last 24 hours after futures listing plans on Coinbase emerged for the asset.
Coinbase plans to launch bitcoin Cash futures product on April 1
As one X user pointed out, cryptocurrency exchange Coinbase appears to have filed 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 quietly filed certifications with the CFTC to include US-regulated futures for Dogecoin, Litecoin, and bitcoin Cash.
They were introduced on March 7, and surprisingly, no one seemed to notice.
Futures will begin trading on April 1 if there are no objections from… pic.twitter.com/DYbWjuS6G2
– Summers (@SummersThings) March 20, 2024
According to the CFTC filing, all of these products were certified on March 7 and are scheduled to begin trading on the first of the month.
<img decoding="async" class="alignnone wp-image-599028 size-full aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png" alt="bitcoin Cash Futures” width=”1023″ height=”475″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png?w=1023 1023w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png?w=460 460w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png?w=860 860w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png?w=750 750w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
The BCH, LTC, and DOGE futures contracts were all certified earlier in the month | Source: CFTC
Interestingly, these three digital assets are based on the original cryptocurrency: bitcoin. Bloomberg analyst James Seyffart has hinted that this may be the reason why Coinbase has chosen them.
This is interesting…I wonder if the SEC objects to them being classified as “commodity futures” vs. “equity futures.” These were all forked from bitcoin, so it would be difficult to make “these are securities” claims after the announcement. bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin ETF approvals. Maybe that's 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 created to fulfill the original purpose of btc as a fast and cheap form of currency that can be used for regular purposes (hence name).
The filling made by Coinbase about bitcoin Cash says:
bitcoin Cash's market position reflects its role as an alternative to bitcoin that prioritizes transaction efficiency. While it has not matched bitcoin in terms of market capitalization or price, bitcoin Cash has established itself as a major player in the cryptocurrency space, with a dedicated user base and ecosystem.
BCH has enjoyed a 14% surge over the last 24 hours
The cryptocurrency sector rose in the last day, but two coins in particular stood out among the top 20 assets by market capitalization: bitcoin Cash and Dogecoin.
Both have achieved returns of over 14% in this period, notably outperforming their peers. bitcoin itself has only been able to achieve a rally of around 6%.
Given that Coinbase stuffing has been circulating in this window, it seems likely that it has been at least partially responsible for the extraordinary surges in these coins.
Although Litecoin is also scheduled to see the launch of its futures contract 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 gains of just 4%.
Following the strong rally, bitcoin Cash has now reached the $424 level. The following graph shows what the trajectory of the cryptocurrency has been like in recent days.
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/tqnytLzY/" alt="bitcoin Cash Price Chart” width=”1534″ height=”854″/>
Looks like price of the asset has shot up over the past day | Source: BCHUSD on TradingView
In terms of market capitalization, bitcoin Cash is currently the 17th largest asset. While there is some distance to Polygon (MATIC) at #16, LTC can catch up if it can maintain this rally.
<img loading="lazy" decoding="async" class="alignnone wp-image-599041 size-large aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/03/1711055721_509_Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png" alt="bitcoin Cash Market Capitalization” width=”860″ height=”351″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/03/table_537fe4.png?w=947 947w, https://www.newsbtc.com/wp-content/uploads/2024/03/table_537fe4.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/table_537fe4.png?w=768 768w, https://technicalterrence.com/wp-content/uploads/2024/03/1711055721_509_Bitcoin-Cash-BCH-Jumps-15-as-Coinbase-Plans-Futures-Listing.png 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/table_537fe4.png?w=750 750w” sizes=”(max-width: 860px) 100vw, 860px” data-recalc-dims=”1″/>
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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