Dogecoin Surges 18% on Prospect of DOGE Futures, Bitcoin Approaches $68K

chart, stock, market
FXCOINZ EditorialFXCOINZ Editorial21/03/2024
0 Comments
Volatility gripped the crypto markets as bitcoin and ether initially declined before rebounding to trade significantly higher than Wednesday’s lows. Profit-taking from the previous week’s rally and leveraged betting on upward price movements contributed to Wednesday’s decline, with some traders noting technical downtrends.

However, sentiment shifted after U.S. Federal Reserve Chair Jerome Powell struck a dovish tone in his FOMC speech, leading to a surge in BTC, ETH, and other major tokens, especially layer-2 platforms and meme coins.

BTC and ETH recorded gains of up to 11% in the past 24 hours, with SOL, ADA, and BNB also surging. Layer-2 tokens saw an average increase of 25%, followed by meme coins with a 16% jump.

The bullish sentiment was further fueled by a viral filing from Coinbase, indicating plans to introduce DOGE, LTC, and BCH futures by April 1. Traders speculated that this move could pave the way for a spot DOGE exchange-traded fund (ETF), considering Coinbase’s reputation for stringent listing criteria and regulatory compliance.

As crypto markets navigate regulatory uncertainties and macroeconomic factors, spot-driven demand remains robust, signaling potential for further market growth and innovation.

Related Articles

Comments (0)

Loading...

Top Exchanges

  • 1
    Crypto Com LogoStart Trading

    Trading cryptocurrencies involves significant risk and users should carefully consider their investment objectives and risk tolerance.

  • 2
    Binance Logo 3Start Trading

    Cryptocurrency trading carries a high level of risk and users should carefully evaluate their financial situation and risk tolerance before participating.

  • 3
    Coinbase LoigoStart Trading

    Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

  • 4
    Kraken LogoStart Trading

    Trading cryptocurrencies involves high risk and users should thoroughly evaluate their financial circumstances and risk tolerance.

  • 5
    Gemini LogoStart Trading

    Cryptocurrency trading involves substantial risk and users should carefully assess their investment goals and risk tolerance before participating.

  • 6
    Bitstamp LogoStart Trading

    Trading cryptocurrencies carries inherent risks and users should carefully consider their investment objectives and risk tolerance.

  • 7
    KuCoin LogoStart Trading

    Cryptocurrency trading involves significant risk and users should evaluate their financial situation and risk tolerance before participating.

  • 8
    Uphold LogoStart Trading

    Trading cryptocurrencies carries inherent risks and users should carefully assess their investment objectives and risk tolerance before engaging.