Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Dogecoin soars nearly 20% after Coinbase announces listing of DOGE derivatives

Source Fxstreet

CFTC approves Coinbase Derivatives Exchange application for Dogecoin, Litecoin, and Bitcoin Cash futures.
Securities claims for these cryptocurrencies will be hard to establish since they are all based on Bitcoin.
Crypto assets trade in the green on dovish Federal Reserve remarks.

Dogecoin (DOGE) went up nearly 20% on Thursday after experiencing a correction in the last three days. Gains for the largest meme coin came after Coinbase Derivatives LLC announced it would be listing futures products for it, Bitcoin Cash (BCH), and Litecoin (LTC).

DOGE futures trading to begin on Coinbase Derivatives

Dogecoin (DOGE) became one of the most trending topics on X (formerly Twitter) after Coinbase Derivatives LLC announced that it would open trading for the meme coin.

Coinbase had quietly filed certifications with the US Commodity and Futures Trading Commission (CFTC) for a Dogecoin futures product since March 7, but no one noticed, as one X user pointed out. The news started making rounds in the crypto community after Coinbase announced the CFTC approved certification on Wednesday.

Coinbase Derivatives LLC has said that trading for the Dogecoin futures product will go live on April 1, and users can currently test it in their integration environment.

Read more: XRP price hits new 2024 peak alongside Coinbase filing that reveals contradictory SEC stance on digital assets

Following the news, the price of Dogecoin recorded nearly 20% in gains after a downward trend that saw it shed 23% of its value. With the Coinbase futures listing, DOGE may be set to trade higher.

DOGE/USDT 1-hour chart

DOGE had seen a massive rise last week following other meme coins, pushed by speculations that Tesla could accept payments in DOGE before the wider market slump.

Apart from Dogecoin, Bitcoin Cash and Litecoin had their fair share of price gains as they will also be listed on Coinbase Derivatives LLC. BCH recorded an 18% increase, while LTC spiked by almost 6% in the last 24 hours.

DOGE ETF on the way?

A notable insight from the CFTC's approval of these cryptocurrencies for futures trading is that the Commission acknowledges that they are commodities. One reason for the approval may be the similarity Dogecoin, Bitcoin Cash, and Litecoin share with Bitcoin—they are all forks of the original Bitcoin protocol.

Following the launch of spot Bitcoin ETFs in the US, many other cryptocurrencies are also gearing up for a potential debut in the US. Many Dogecoin proponents have expressed their hopes on X that a Dogecoin ETF is imminent as it would be hard for the Security and Exchange Commission (SEC) to argue that DOGE is a security, considering the CFTC now sees it as a commodity.

Also read: Meme coin season ends abruptly, whales transfer large volumes of Shiba Inu, Dogecoin and PEPE to exchanges

While the rise in these coins may largely be attributed to the Coinbase announcement, the general crypto market gain also plays a factor. After Federal Reserve officials signaled that they still expect to cut interest rates by three times this year, the entire cryptocurrency market recorded gains. Bitcoin and Ethereum prices, which have been on a downward trend since last week, increased about 10%.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Brent tests $108 as a key export pipeline stays shut — can the rally clear $110?Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Author Irene Q.

Sep 14, Mon

Brent crude rose 2.55% to $106.97 and WTI 2.32% to $102.30 as a major regional export pipeline remained offline with no restart timeline. Front-month backwardation has widened to $5.53 from $3.84 a week ago, European gas is at its highest since December 2022, and one analyst sees $119.48 if talks stall.

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Yesterday 01: 23

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Yesterday 08: 16

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

5 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Related Instrument