‘A Big Deal’—Crypto Braced For A ‘Critical’ Earthquake That Could Play Havoc With The Price Of Bitcoin, Ethereum And XRP – Forbes


Bitcoin BTC , ethereum, XRP XRP and other major cryptocurrencies have been hit by a Federal Reserve warning this week despite a “monster crypto killer app” on the horizon.
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The bitcoin price climbed over $30,000 per bitcoin last month, up from around $15,000 in November last year, as hype built over BlackRock’s leaked bitcoin plans.
Now, bitcoin and crypto exchange Coinbase COIN has won approval to list crypto futures in the U.S., described as “a big deal” and “a critical milestone.”
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The bitcoin price rally has stalled, dragging on the price of ethereum, XRP and other major … [+] cryptocurrencies.
Coinbase, the U.S. crypto exchange at loggerheads with the Securities and Exchange Commission (SEC), has won approval to list crypto futures in the U.S. from the National Futures Association, a self-regulatory organization whose authority comes from the Commodity Futures Trading Commission (CFTC).
“Obtaining FCM approval was our next step in bringing these transparent and secure markets to our customers so they can access regulated futures contracts alongside our liquid spot market,” Greg Tusar, vice president of institutional products at Coinbase, wrote in a blog post, adding it’s “a critical milestone.”
“This should be very good for Coinbase, and excellent for crypto markets,” Christopher Perkins, president of crypto investment firm Coinfund and former head of over-the-counter clearing at Citigroup, said in emailed comments.
After the turmoil of the first half of 2023 that saw the exchange sued by the SEC for allegedly operating an unlawful exchange and permitting investors to trade in assets that failed to be registered as securities, Coinbase is celebrating two wins: approval to list crypto futures and the launch of its new ethereum layer-2 protocol, Base.
“Major moment for crypto regulatory clarity in the U.S.,” Coinbase chief executive Brian Armstrong posted to X (Twitter), adding in a jab directed at the SEC: “When there is a clear path to register, we do.”
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The bitcoin price has swung wildly over the last few years, dragging ethereum, XRP and other major … [+] cryptocurrencies with it.
Coinbase stock started the year at an all-time low but has since more than doubled, recovering from a crypto price collapse that culminated with the implosion of former regulatory darling FTX.
“For someone like Coinbase to step into the void, that’s a huge win,” Perkins told the Financial Times, calling the NFA approval “a big deal.”


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