Facts of Dogecoin, Litecoin and Bitcoin Cash Futures Trading Plan on Coinbase

Bittime - Dogecoin (DOGE) which was initially considered a joke, now the public is starting to seriously pay attention to it. When the price of DOGE is at the level of $0.15 (Rp2,348.25), Coinbase Derivatives plans to start futures trading for the crypto asset bearing the Shiba Inu dog logo, along with Litecoin (LTC) and Bitcoin Cash (BCH).

What is Futures Trading?

Futures trading is the act of buying and selling futures, which are financial contracts in which two parties – one buyer and one seller – agree to exchange the underlying market at a fixed price at a future date.

Futures provide an obligation to the buyer to buy the underlying market, and the seller to sell on or before the maturity date. Typically, futures are traded on a futures exchange, for example the Chicago Mercantile Exchange (CME), and require investors to have an approved brokerage account.

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Dogecoin, Litecoin and Bitcoin Cash Futures Trading Plan 

On March 7, through three separate letters to the Commodity Futures Trading Commission (CFTC), the crypto exchange announced its intention to launch monthly cash-settled futures contracts for Dogecoin, Litecoin, and Bitcoin Cash.

This communication, addressed to CFTC Secretary Christopher Kirkpatrick, provides details about the size of the proposed contract, the method of settlement (utilizing reference rates by Market Vector), and the structure of the contract.

In the letters, Coinbase emphasized that it uses a self-certification track under CFTC Regulation 40.2(a) to list these futures contracts. This procedure allows exchanges to introduce new offerings without having to wait for direct approval from the CFTC, provided they ensure the product complies with the Commodity Exchange Act and CFTC regulations.

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Crypto Analyst Commentates on DOGE, LTC, and BCH Futures

Given that all three of these cryptocurrencies are derived from Bitcoin, which is recognized by the Securities and Exchange Commission (SEC) as a commodity, the status of all three raises interesting regulatory questions from Bloomberg analysts.

James Seyffart, Bloomberg Intelligence ETF research analyst, posted on X.com, "This is interesting... I wonder if the SEC objected to this classification as 'commodity futures' versus 'securities futures'. Given its origins from Bitcoin, claiming these as securities would be difficult, especially after spot approval #Bitcoin ETFs. Coinbase's choice may be strategic."

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How to Buy Dogecoin (DOGE) on Bittime

You can buy and sell Dogecoin (DOGE) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.

Dogecoin (DOGE) is available on Bittime with the DOGE/IDR market pair. To be able to buy DOGE IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime.

Monitor the price chart movements of Dogecoin (DOGE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Dogecoin Surges: Already a Correction or Still Up?

Dogecoin (DOGE): Definition, History, and How It Works

Litecoin (LTC): Definition, Uniqueness, and Future Potential

Bitcoin (BTC) vs Bitcoin Cash (BCH) Difference

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.