Starting from April 25, 2024, at 9:00 UTC+30, Coinbase International Exchange and Coinbase Pro will collaborate to introduce Dogecoin (WIF) perpetual futures trading for their non-US clients. This expansion marks a significant milestone in broadening the selection of goods on the exchange, particularly in the derivatives sector, which has witnessed considerable expansion recently.
Regulatory Milestones and Market Response
After gaining approval from regulators last year, Coinbase can now introduce WIF perpetual futures to non-U.S. customers in certain locations. With this regulatory achievement, Coinbase is able to broaden its derivatives offerings and cater to the growing interest of traders seeking to profit from the volatile cryptocurrency markets.
Starting from 25th April, 2024, 9:30 am UTC onwards, Coinbase International Exchange and Coinbase Pro will introduce dogwifhat perpetual futures. This means that you’ll be able to trade the cryptocurrency using these contracts with no expiration date.
— Coinbase International Exchange (@CoinbaseIntExch) April 18, 2024
At the same time, Coinbase received conditional approval from U.S. authorities to offer cryptocurrency futures trading for retail investors through their platform, Coinbase Advanced. This approval, given by the National Futures Association, marks a significant achievement in providing a wider range of trading options for clients in the challenging regulatory landscape of the United States.
Expansion Amid Rising Derivatives Trading Volumes
The need for Coinbase to introduce Dogwifhat perpetual futures is driven by the expanding cryptocurrency derivatives market. Notably, trading volumes in this sector have surged by 86.5% over the past month, reaching a staggering $6.18 trillion total. The rising demand for advanced and varied cryptocurrency trading tools signifies the increasing interest in derivatives. To cater to this need, Coinbase aims to introduce new offerings.
A decision like this is certain to attract many traders, given the buzz surrounding the dogwifhat coin’s recent price fluctuations. This meme coin has experienced substantial volatility and heightened interest, primarily due to its inclusion in major exchanges and the crypto market’s rebound.
Dogwifhat’s Market Performance
In line with the broader market uptrend and Bitcoin‘s bounce back above $60,000, Dogwifhat has experienced significant growth in market worth. Following the announcement of futures trading, Dogwifhat’s price surged from $2.26 to $2.65. There was a minor pullback, but the coin remains near these levels with an elevated trading volume within the past 24 hours. At this moment, WIF is being traded at around $2.58, representing a 4.56% increase from its lowest point of the day.
WIF/USD 24-hour price chart (source: CoinMarketCap)
The excitement surrounding the launch of WIF perpetual futures on Coinbase Global Exchange and Coinbase Pro is predicted to maintain elevated trading levels in Dogwifhat. As these occurrences unfold, market participants are keenly observing market trends, potentially indicating a bullish phase for both the meme coin and Coinbase’s derivatives market approach.
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2024-04-18 23:53