A Staple of the Crypto World: Coinbases Plan to List DOGE Futures Pumps the Memecoin

Dogecoin, based on an internet meme, is receiving a mainstream boost as Coinbase Derivatives plan to list futures of the meme coin on April 1. Alongside Dogecoin, the cryptocurrency exchange will enable futures trading with Litecoin and Bitcoin Cash.

Listing of DOGE Futures

The decision came after the exchange had intimated to the Commodity Futures Trading Commission (CFTC) on March 7 in three separate letters its plans to launch cash-settled futures contract products for Dogecoin, Litecoin, and Bitcoin Cash.

Interestingly, the exchange highlighted that it could list future contracts without receiving approval from the CFTC by invoking self-certification.

Coinbase Derivatives [...] hereby submits for self-certification its initial listing of the Dogecoin Futures contract to be offered for trading on the Exchange on or after April 1, 2024, Coinbase Derivatives noted in its letter to the regulatory agency.

Coinbase Derivatives LLC has filed for 3 new crypto futures, including Dogecoin! #Dogecoin pic.twitter.com/gIu9VldGwM

A Meme Token Becoming Mainstream

Unlike Bitcoin or other top cryptocurrencies, Dogecoin was launched as a joke. The meme token represents the face of a Shiba Inu dog, which was a popular internet meme. Earlier, the meme token received a boost with an endorsement from billionaire Elon Musk.

Justifying its decision to list Dogecoin futures, Coinbase Derivatives noted: Dogecoin's enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world.

The cryptocurrency investors reacted quickly to Coinbase Derivatives decision to list the futures of the meme token. Following the announcement, the token's price jumped about 20 percent, surpassing $0.15 apiece.

Until now, only Bitcoin and Ether have come under the purview of the CFTC as they are classified as commodities. However, the Securities and Exchange Commission (SEC) recognizes all cryptocurrencies developed from Bitcoin as commodities without naming any specifically. Now, the move by Coinbase Derivatives might trigger an interesting regulatory debate.

This is interesting... wonder if the SEC objects to these being classified 'commodities futures' vs 'securities futures'. These all forked from Bitcoin so "these are securities" claims would be hard to make after spot #Bitcoin ETF approvals. Might be why Coinbase chose them https://t.co/PRCxzQEYbi

Earlier this year, the SEC approved listing 11 Bitcoin exchange-traded funds, labeling them as securities. However, the regulator is now reluctant to approve the same for Ether.

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BitMEX Co-Founder Proposes Bitcoin-Backed Stablecoin

Arthur Hayes, the co-founder and former CEO of BitMEX, has proposed creating a new stablecoin called the Satoshi Nakamoto Dollar (NUSD) or NakaDollar. Unlike major reserve-backed U.S. dollar-pegged stablecoins, the proposed NakaDollar would be pegged to the sum of $1 worth of Bitcoin and one inverse perpetual swap of BTC against USD, without relying on any USD reserves. The stablecoin's peg to the U.S. dollar would be maintained via mathematical transactions between the new decentralized autonomous organization (DAO) authorized participants and derivatives exchanges. (Read More)

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FTX CEO Quits Crypto Policy Debate, Allows Crypto Twitter to Carryon

FTX's Sam Bankman-Fried has willingly left crypto policy debates to "Crypto Twitter" (Read More)

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BitMEX Review 2022: Is BitMEX a Good Exchange?

This article is all about BitMEX review 2022 and whether BitMEX is a good exchange. Let’s take a look at it in more detail

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Lightning Speed: 5 Ways To Make Money/ Earn Sats Using The Lightning Network

Earning sats for the first time is a magical experience and NewsBTC is here to guide you through it. The Lightning Network gave bitcoin real micro-transactions with extremely low fees. That opened up new avenues for the bitcoin network to expand through, avenues that the world is just beginning to explore. In the following text, we will present five projects that pay their users or allows them to get tips from the community. In sats, using the Lightning Network. Unlike most altcoins, bitcoin is truly scarce, has a hard total cap, and wasn’t pre-mined. The rewards that the following projects offer are low compared to million-dollar NFT collections and untenable 20% yields. However, you will earn real bitcoin by exploiting your hobbies. Cross your fingers, let’s hope this first guide has something for you.  Related Reading: Lightning Speed: Open-Source Bitcoin Banks’ Fee Structures For Inbound Liquidity Before advancing, though, let’s quote Stacker News’ FAQ for a definition of sats AKA satoshis. “Sats are the smallest denomination of Bitcoin. Just like there are 100 pennies in 1 dollar, there are 100,000,000 sats in 1 Bitcoin.” 1.- Earn Sats Playing Games With Thndr Go to Thndr, download and play classic games, like Snake, or new and original ones like Turbo84 or Bitcoin Bounce. The company can’t give you sats directly because of Android App store’s restrictions. You can earn them, though. “Each ticket you collect is an entry into the daily prize draw.  The more tickets that you collect, the more chances you have to win the bitcoin jackpot.” It certainly beats playing retro video games and NOT getting paid for it. Thndr ? https://www.thndr.games/ 2.- Get Tips For Your Pictures With Starbackr Publish your pictures and videos and get rewarded by the community on Starbackr. Tips in sats might not be the ideal way to support creators, but then again, maybe they are. Let’s experiment and see what the market says. And speaking about experiments, it seems like this service is just the first stage and not Starbackr’s final form. The company’s About Us says: “We build the platform of choice for digital content creators with instant payments, low friction, and free of moral censorship. Building on the Bitcoin Lightning network allows us to deliver a content monetization platform that is dramatically less expensive, faster, and more creator-friendly.” So, don’t lose faith if you’re not a photographer. We might hear about new services from Starbackr again in the not-so-distant future. Starbackr —> https://app.starbackr.com/ BTC price chart for 09/01/2022 on Bitstamp | Source: BTC/USD on TradingView.com 3.- Get Sats For Your Content In Stacker News Stacker News is a bitcoin-focused Hacker News clone that rewards content curation and production. The way it accomplishes this is the fundamental difference between the two sites. “Rather than collecting “upvotes” that are not redeemable or transferable on Reddit or Hacker News, Stacker News users earn sats that can immediately be spent anywhere,” their FAQ says.  Each upvote or comment that your content gets rewards you with 1 sat minimum. Publishing is not free, though, it also costs 1 sat. This is one of the most evolved projects on the list, so there’s an economy around it and the team has developed new functionalities. For example, you can pay to boost your content and users can boost their upvote by rewarding more sats.  Stacker News –> https://stacker.news/ 4.- Cut Clips From Your Favorite Podcasts In Fountain Fountain is a Podcasting 2.0-enabled app that distinguished itself from the crowd by allowing users to earn sats. You can listen to sponsored content and advertisement. Alternatively, you can comment or cut clips from your favorite podcast. If users like those comments or clips, you get a cut. Plus, the satisfaction of aiding in the promotion of your favorite podcast.  Mind you, another possibility that Fountain and similar apps provide is that you can produce a podcast and get rewarded by the community under the Value-for-Value model. The barrier of entry is much higher, sure, but podcasting might be your calling.  Fountain ? https://www.fountain.fm/ 5.- Trade Derivatives In Sats Through LN Markets If technical analysis is your forte and fundamental analysis excites you, LN Markets offers an easy way to play the markets. “Trading is done directly from any Lightning wallet and enables super fast access to derivatives markets. Open a position by making a Lightning transaction, close the position and receive the money directly in your wallet,” their FAQ clarifies. Open a trading position only if you know what you’re doing, though. At least watch a few NewsBTC Daily technical analysis episodes to kickstart your learning process. Or use LN Markets in testnet, which is also possible. Whatever you do, remember that playing the markets comes with inherent risk and that even the most experienced traders suffer devastating losses. Don’t use money that you can’t afford to lose.  LN Markets ? https://lnmarkets.com/ Related Reading: Lightning Speed: Branding Opportunities On The Lightning Network, A How-To Guide Before closing, some of these services assume that you already have a Lightning Network-specific wallet. Go and learn how to set one up before interacting with them. This closes NewsBTC’s first guide to making money through the Lightning Network. If you want more content like this, tell us through NewsBTC’s social media channels. Featured Image: Bitcoin Bounce screenshot from Thndr Games | Charts by TradingView

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FTX Derivatives Exchange Revenue Tops $1B in 2021, Report said

The financial record of FTX Derivatives Exchange for the 2021 financial year has shown that the company’s revenue topped the $1 billion mark according to leaked earnings documents seen by CNBC. (Read More)

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FTX Derivatives Exchange Revenue Tops $1B in 2021, Report Says

The financial record of FTX Derivatives Exchange for the 2021 financial year has shown that the company’s revenue topped the $1 billion mark according to leaked earnings documents seen by CNBC. (Read More)

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BitMEX's Greg Dwyer Pleads Guilty for Role in Money Laundering Case

Greg Dwyer has pleaded guilty to money laundering charges associated with BitMEX in a US court in Manhattan. (Read More)

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Bitnomial Launches Margined, 'Physically' Settled Bitcoin Futures In The US

The US-based futures with a 35% margin are settled in actual bitcoin instead of cash, eliminating the need for bilateral trades.

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BitMEX Settles For $100M With US. Authorities, Will Ban US Residents From Trading

The post BitMEX Settles For $100M With US. Authorities, Will Ban US Residents From Trading appeared first on CryptoTicker.

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Crypto Spot Volumes on Centralized Exchanges Hit Lowest Since March 2019

The volume of cryptocurrency spot trading on centralized exchanges (CEXs) plunged by 21.8% in May to $495 billion, marking the lowest monthly trading volume since March 2019. Also, derivatives trading volumes slumped by 15.7% to $1.95 trillion, which is the lowest since December 2022.

Crypto Derivatives Market Share Hits Peak

These figures are according to new data by digital asset data provider, CCData, previously known as CryptoCompare. CCData is also a benchmark administrator authorized by the UK Financial Conduct Authority.

According to the firm, despite the decrease in derivatives trading volumes on CEXs, the market share of the segment reached an all-time-high last month, expanding to 79.8%. However, the volume of spot and derivatives trading combined slid by 15.7% to $2.41 trillion.

CCData explained that the volume represents the second consecutive drop in monthly volume of the combined activities. The decrease came as the prices of digital assets fluctuated within a relatively narrow range during the period.

“The popularity of meme coins traded on decentralized venues has also contributed to the declining trading activity on centralized exchanges,” CCData added.

Binance Shrinks, CME Grows

Giving more details on the cryptocurrency trading market, CCData noted that spot trading on Binance, the world’s largest cryptocurrency exchange by trading volume, nosedived by 26% to $221 billion in May. In addition, Binance’s spot market share shrank for the third consecutive month, slipping to 43%.

The data analytics firm attributed Binance's continued weakness to the halting of zero-free trading for stablecoin USDT pairs, general weakness in the market and increased scrutiny from regulators.

Finance Magnates reported that cryptocurrency exchanges in the United States continue to face regulatory crackdown, with Binance and Coinbase sued this week by federal securities regulator for allegedly operating illegal exchanges and offering unregistered crypto asset securities.

Meanwhile, CCData’s data shows that Chicago Mercantile Exchange (CME) remained resilient in the face of plummeting volumes in the crypto derivatives industry. The top derivatives exchange posted a marginal growth of 0.53% in its derivatives volume, with total trades worth $39.1 billion.

“CME's resilience can be attributed to continued institutional interest in Bitcoin, as demonstrated by a 10.5% surge in BTC futures volume to $29.5bn,” CCData noted.

Moreover, CCData also shows that Uniswap, the biggest decentralized crypto exchange in the world, continued to outperform all CEXs, with the exception of Binance, for the fourth consecutive month. This is despite the fact that the exchange’s volume fell by 11.6% to $33 billion last month.

Uniswap functions as a non-custodial exchange that enables users to trade Ethereum blockchain-based ERC-20 tokens directly with each other without the need for a third party.

UK bank taps Integral; StoneX's prime brokerage; read today's news nuggets.

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Dragonfly Capital Invests $10 Million in Bitget

Dragonfly Capital has invested $10 million in cryptocurrency derivatives exchange Bitget to support its global market and service expansion and corporate social responsibility initiatives for crypto education and adoption. Bitget plans to expand its spot trading, launchpad, and Bitget Earn products. Despite the FTX collapse, cryptocurrency derivatives exchanges have recovered, and central exchanges' open interest has risen to approximately $68.5 billion. (Read More)

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Coinbase Derivatives Exchange Launches Bitcoin and Ether Futures

Coinbase Derivatives Exchange, a derivatives platform linked to its namesake cryptocurrency exchange, will introduce Bitcoin and Ether futures contracts for institutional clients on June 5. Coinbase Bitcoin (BTI) and Coinbase Ether (ETI) futures contracts, sized 1 Bitcoin and 10 Ether per contract, respectively, will be accessible through third-party institutional Futures Commission Merchants (FCMs) and brokers, the company announced on Friday.

Coinbase added that it has witnessed increased demand for futures contracts among investors. Futures contracts are agreements that allow investors to buy or sell an asset at a predetermined price at a specific future time.

"With the launch of these institutional-sized USD–settled contracts, we look to empower institutional participants with greater precision in managing crypto exposure, expressing directional views, or tracking BTC and Ether returns in a capital-efficient manner," the exchange said.

Coinbase’s Global Crypto Derivatives Exchange

Early May, Coinbase launched a global cryptocurrency derivatives exchange targeting institutional clients based outside the US. Afterwards, the new platform listed Bitcoin and Ether perpetual futures contracts, with trades settled in stablecoin USD Coin. Unlike futures contracts, perpetual futures contracts do not have a specific expiry data.

The launch of the derivatives exchange follows Coinbase's acquisition of a regulatory license for digital asset exchange services, including token sale and issuance, in Bermuda. The step came after the publicly listed crypto company hinted at leaving the US due to regulatory concerns.

Struggles with the Regulators

In March, Coinbase received a Wells Notice from the Securities and Exchange Commision (SEC). The notice stated that the Nasdaq-listed company was breaching the US securities regulations by offering unregistered securities.

Additionally, the notice pointed out that the SEC could press further actions against the exchange, including an injunction or a cease-and-desist order. Responding to the SEC's notice, Coinbase's CEO Brian Armstrong faulted the agency for failing to provide proper regulations to the industry.

Nonetheless, the company is expanding its products offering, most recently launching a zero-fee subscription model that lets users trade crypto at no fee with incentives of higher rewards. Dubbed Coinbase One, the service launched in 2021 in the US under a beta program and opened to users in the UK, Germany, and Ireland.

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