In a major leap forward for the U.S. crypto scenario, COIN, one of the leading cryptocurrency exchange platforms, has secured approval to introduce crypto futures. This follows a long wait of nearly two years after the exchange’s initial application. The green signal was granted by the National Futures Association (NFA), a self-regulatory organization conferred with such powers by the federal derivatives regulator, the Commodity Futures Trading Commission (CFTC).
This favorable development positions Coinbase at the forefront in the U.S., marking it as the maiden crypto-centric platform to extend regulated and leveraged crypto futures in addition to traditional spot trading. However, it’s interesting to note that typically perceived safe havens like bitcoin are displaying slow momentum even amid discernible fluctuations in fiat currencies of economically unstable nations. Despite the Russian ruble and Argentinean peso showing a dramatic plunge, it’s intriguing that bitcoin hasn’t received the predicted safe-haven demand influx.
Meanwhile, we have Sei Labs disrupting the scenario, announcing the successful launch of its mainnet post a triumphant testnet phase. Also, the exchange debut of the blockchain’s native token, SEI was observed on major crypto exchanges including Binance, Kraken, and Huobi. Sei Labs envisages transforming asset exchanges into streamlined processes regardless of their nature, be they related to social platforms, gaming, or NFT’s.
While the token was trading comparably to its launch price at the time of writing, it had scaled a premium of $0.64 on Upbit. Illustrative data from Fairlead Strategies indicated that the ratio of bitcoin to ether was balancing near trendline resistance, denoting the corrective phase since June.
In essence, though a directional shift above the trendline could signal a resurgence of long-term uptrends favoring bitcoin, with the 50-day MA showing stabilization, some analysts are not expecting a change in resistance. Whether these developments mark a paradigm shift in the crypto landscape or will be deemed short-term phenomena remains to be known in the unfolding future.
Source: Coindesk
