Coinbase, one of America’s leading cryptocurrency exchanges, has secured the much-coveted approval to list crypto futures in a landmark move. This monumental achievement comes nearly two years after the platform submitted its application.
The National Futures Association (NFA) gave the green light, allowing Coinbase to operate as a Futures Commission Merchant (FCM). This nod from the NFA, a recognized self-regulatory organization designated by the Commodity Futures Trading Commission (CFTC), is no small feat.
But what does this mean for the crypto landscape? With this approval, Coinbase has etched its name as the first crypto-centric platform in the U.S. to offer regulated and leveraged crypto futures. This positions them alongside the traditional spot trading giants, marking a significant evolution in the crypto trading arena.
However, while Coinbase celebrates this milestone, the global financial landscape offers many events. Traditionally viewed as safe havens, Bitcoin and gold need help to capitalize on their status. Signs of instability are emerging in the global market, especially with fiat currencies in economically distressed nations.
A case in point is the Russian ruble, which recently plummeted to 102 against the U.S. dollar. This decline prompted Russia’s central bank to hike interest rates to stabilize the situation. Similarly, Argentina’s peso faced a sharp devaluation, highlighting the volatile economic climate.
Interestingly, these economic tremors have not translated into a surge in demand for Bitcoin as a safe-haven asset. This defies expectations and leaves market watchers pondering the cryptocurrency’s role in the face of global economic challenges.
