Cryptocurrency exchange Coinbase (COIN) has won approval to list crypto futures in the U.S. nearly two years after first applying. The National Futures Association (NFA) granted permission for Coinbase to operate a Futures Commission Merchant (FCM), the exchange announced on Wednesday. The NFA is a self-regulatory organization with designation from federal derivatives regulator the Commodity Futures Trading Commission (CFTC). The approval makes Coinbase the first crypto-focused platform in the U.S. to offer regulated and leveraged crypto futures alongside traditional spot trading, according to the announcement.
Perceived safe havens like bitcoin (BTC) and gold struggled to gather upside traction even as signs of cracks in the global market begin to appear in the form of volatility in the fiat currencies of distressed nations. On Monday, the Russian ruble (RUB) fell to 102 to U.S. dollar, bringing its year-to-date loss versus the greenback to 33% and reaching its weakest level since March 2022. The country’s central bank hiked rates to 12% from 8.5% in an emergency move. Meanwhile, Argentina devalued its already-weak peso by 18%, sending it to 350 per dollar compared to 287 last Friday. The peso is now down 98% this year against the U.S. unit. So far, the supposed signs of cracks have brought little safe-haven demand for bitcoin, disappointing expectations.
Sei Labs, the company behind layer 1 blockchain Sei, has announced that its mainnet is now live after a successful testnet phase. The blockchain’s native token SEI also went live today on exchanges such as Binance, Kraken and Huobi, among others. The focus for Sei is to create a chain that offers users the ability to exchange assets easily, said the Sei Labs team. Whether this means assets for social platforms, games or NFT’s, Sei is hoping to offer the smoothest experience. SEI was trading at around $0.27 at the time of writing, around the same price as when it launched on Tuesday. The token traded at a premium of $0.64 on Upbit.
The highly anticipated Bitget KCGI (King’s Cup Global Invitational) is back! As our largest trading competition throughout the year, the 2023 KCGI has a prize pool of 2,650,000 USDT, and various giveaways including an Airbus H135 helicopter, Tesla Cyberquad for Kids, and iPhone 15 Pro Max!
Market Insight: Arbitrum Will Unlock $1.2B ARB in March
Ethereum layer 2 scaling solution Arbitrum will release over $1 billion worth of ARB tokens in March next year, kicking off a four-year period of staggered unfreezing of its native digital asset, according to data source Token Unlocks.
On March 16, the protocol – designed to offer scalable and low-cost smart contract capabilities – will “cliff unlock” 1.11 billion ARB tokens worth $1.24 billion at the going market rate of $1.12. The amount to be released equates to 87% of the token’s circulating supply of 1.275 billion. At press time, over 5 billion ARB tokens remain locked.
Unlocks are staggered releases of cryptocurrencies that had been frozen to prevent early investors or project team members from selling in large numbers. The Cliff unlock method allows for unfreezing a certain number of tokens immediately after a predetermined period, after which unfreezing happens in a linear schedule.
It is now more important than ever to set industry standards and align on practical short-term and long-term objectives through pointed conversations with the best legal minds and Washington D.C.’s most important decision makers.
Join us at State of Crypto: Policy and Regulation on October 24 in Washington D.C. for an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
