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There’s a Reason for the Sudden Spike in Dogecoin and Bitcoin Cash Prices

Daniel Kim Views  

Bitcoin Virtual Image / Pixabay

The reasons behind the rise of Dogecoin (DOGE) and Bitcoin Cash (BCH) are garnering attention.

As of 11:05 a.m. on the 28th, Dogecoin was trading at $0.21, up 10.81% from 24 hours ago, and Bitcoin Cash was trading at $582.44, up 12.34% on Bithumb. Dogecoin rose to $0.22, and Bitcoin Cash rose to $591. The price increases of these cryptocurrencies are notable as they rose while Bitcoin fell by 0.31%.

The surge in Dogecoin and Bitcoin Cash prices is unrelated to the U.S. Commodity Futures Trading Commission (CFTC) approving futures trading of Litecoin (LTC) on Coinbase’s derivative exchange. It is possible that investors, believing that Dogecoin and Bitcoin Cash have been integrated into the system, flocked to these cryptocurrencies, driving up their prices.

Coinbase has reported to the CFTC that it plans to launch a cash-settled monthly futures contract for these coins.

Coinbase has stated that these products comply with CFTC regulations. If the exchange complies with the Commodity Exchange Act or CFTC regulations, it can release new products without waiting for direct approval from the CFTC.

Coinbase chose Dogecoin, Bitcoin Cash, and Litecoin among various cryptocurrencies, likely because these cryptocurrencies were derived from Bitcoin (BTC). Since the U.S. Securities and Exchange Commission (SEC) has already approved a Bitcoin spot ETF (Exchange Traded Fund), it would have been difficult to claim the products Coinbase announced as securities.

Coinbase will start trading these products from the 1st of next month.

Daniel Kim
content@viewusglobal.com

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