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Coinbase Seeks CFTC Nod for SHIB, AVA Futures Listings

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2 days ago

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Coinbase cryptocurrency exchange recently filed for regulatory approval to offer future products related to several altcoins, including SHIB and AVA. The submission to the Commodity Futures Trading Commission (CFTC) includes proposals for derivatives tied to DOT, SHB, XLM, AVA, and LNK, with trading potentially commencing as early as July 15. This move aligns with Coinbase’s strategy to enhance its derivatives market and cater to a broader investor base, adhering strictly to U.S. regulatory standards.

Coinbase Files for Futures on SHIB, AVA

The introduction of futures contracts for altcoins such as SHIB and AVA marks a significant expansion in Coinbase’s product offerings. Upon approval, these products will provide traders and institutional investors with new mechanisms to manage risk, speculate on price movements, and engage more fully in the cryptocurrency economy.

This expansion aims to diversify Coinbase’s portfolio and improve its users’ trading experience by requiring less capital upfront. The company’s approach underlines its commitment to increasing accessibility to the crypto economy while maintaining compliance with stringent regulatory frameworks.

Coinbase has proactively forged strategic partnerships to broaden its service capabilities and enhance on-chain adoption. A notable collaboration with payment processor Stripe is set to expedite transactions and integrate new systems that support faster and more affordable services.

This partnership focuses on integrating USDC on Stripe’s Base platform, facilitating quicker transactions across over 150 countries. Additionally, this collaboration will streamline the process for U.S. customers converting fiat to crypto, integrating convenient payment methods such as Apple Pay and credit cards directly into Coinbase’s Wallet service.

Also Read: 21Shares Submits Application For Solana ETF

AVA Leads as Coinbase Proposes New Futures

Seeking CFTC approval for these new futures listings is a calculated step by Coinbase to attract more institutional investors by ensuring a regulated trading environment. This regulatory adherence is crucial for building trust and credibility among a broader range of investors, particularly those cautious about the volatile nature of cryptocurrencies.

At the time of reporting, AVA had the largest market capitalization among the proposed altcoins, at $11.1 billion, and its trading price had slightly increased. In contrast, SHIB, despite its lower price point, remains a popular choice among investors, reflecting the diverse interest in the crypto market.

Also Read: SEC Sues ConsenSys For Conducting Securities Via MetaMask

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead

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46 mins ago

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July 1, 2024

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One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit.

So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn.

Massive Token Burn Ignites Market Optimism

According to the insights offered by Shibburn, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate.

Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate.

SHIB burn July 1SHIB burn July 1

The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token.

Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact.

Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval

SHIB Price Soars

At press time, SHIB’s price noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively.

Also, it’s worth noting that the price upswing coincides with the broader crypto market recovery. Meanwhile, the abovementioned burn rate upswing adds to it.

Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million.

However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run.

However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive SHIB burning. Also, Santiment’s data showcasing SHIB’s undervalued position in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future.

Also Read: Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin

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3 hours ago

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July 1, 2024

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On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve the transaction time latencies of the order of hundreds of milliseconds or even less.

Ethereum Eyes Single-Slot Finality

Currently, the Ethereum Gasper consensus employs a slot-and-epoch mechanism wherein validators cast votes in each 12-second slot. Also, all validators get the opportunity to vote once, over 32 slots.  Later, a PBFT-like consensus algorithm takes care after two epochs (12.8 minutes), thereby providing a strong economic assurance known as finality. However, there are two major concerns with this approach.

  1. The complexity and several interaction bugs between the two slot-by-slot voting mechanism as well as the epoch-by-epoch finality mechanism.
  2. The 12.8-minute finality period is pretty slow and inconvenient for the users.

To simplify this, Buterin proposes a single-slot finality mechanism similar to the Tendermint consensus, wherein Block-N is finalized even before the creation of Block N+1. The major difference from Tendermint is the retention of the “inactivity leak” mechanism. This will allow the Ethereum blockchain to continue and recover even if nearly one-third of validators go offline. Vitalik Buterin calls this a “Secure Speed Finality” SSF mechanism.

Also Read: Vitalik Buterin Spotlights Innovative Idealist DApps in Web3

Addressing A Few Challenges With the SSF Mechanism

Vitalik Buterin also highlighted some key challenges associated with Single-slot finality (SSF) in the Ethereum ecosystem. He explained that the naive implementation of the SSF would require every Ethereum staker to publish two messages every 12 seconds, imposing a significant load on the Ethereum network. In his blog post, Buterin said:

“While there are clever ideas to mitigate this issue, including the recent Orbit SSF proposal, it remains a challenge. Although SSF significantly improves user experience by accelerating ‘finality,’ it doesn’t eliminate the need for users to wait 5-20 seconds.”

While implementing the SSF mechanism in Ethereum, Buterin suggests implementing Orbit-like techniques in order to reduce the total number of validators signing per slot and address the key goal of lowering 32 ETH minimum staking.

“This approach might cause the slot time to increase to approximately 16 seconds,” added Buterin. However, he added: “Designs like Orbit SSF are very recent, suggesting that the design space of slot-and-epoch designs where something like Orbit SSF is the epoch is still quite under-explored”.

The Ethereum developers are still figuring out the ideal solution in order to improve the finality. Last month, Buterin shared updates made with Ethereum Layer-2 solutions. The Ethereum L2 activity has touched fresh all-time highs recently.

The Ethereum Layer-2 Blast recently announced the launch of its native token and BLAST airdrop.

Also Read: ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ETH Price Shoots 5% As Whale Activity Spikes Ahead of Ethereum ETF Approval

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4 hours ago

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July 1, 2024

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As we bid adieu to a dull and boring Q2, the broader cryptocurrency market is showing a healthy bounce with the Ethereum (ETH) price surging by 5% shooting all the way past $3,500 levels. This development comes as whale activity spikes ahead of the spot Ethereum ETF scheduled to come next week on July 8.

Ethereum Whale Activity Spikes, ETH price Jumps

On-chain data provider Spot on Chain has reported that a significant whale, reportedly Abraxas Capital, has withdrawn a massive 60K ETH, valued at $203 million, from crypto exchange Bitfinex, at a price of $3,387 in the past 24 hours. The ETH price has already rallied 4% since then giving the whale an unrealized profit of nearly $6.5 million.

As of press time, the Ethereum price is trading 4.19% up at $3,499 with a market cap of $420.7 billion. The daily trading volume for Ethereum has also shot up by 50% to $9.8 billion. For this ETH price rally to sustain, it must give a daily closing above $3,500 so that the bulls can eye the next target levels of $4,000 and above.

Amid the strong excitement around spot Ethereum ETF, whales have been swapping other altcoins for ETH recently. Last week, a PEPE whale converted $18 million of their PEPE coins to Ethereum expecting a major rally going ahead.

Also Read: PEPE Whale Shifts Focus To Ethereum As ETF Optimism Builds

Ethereum ETF Excitement Continues

As reported by CoinGape, the launch of spot Ethereum ETF faces some delay from the previous timeline of July 4. Last Friday, the U.S. Securities and Exchange Commission (SEC) sent back the S-1 forms to issuers asking them to resubmit them by the 8th of July.

ETF Store President Nate Geraci has stated that the S-1 revisions are relatively minor while suggesting that the regulators can approve issuers for trading within the next 14-21 days. While the timeline of the launch still remains uncertain, the SEC has hinted at the possibility by the summer end. This could probably keep the ETH price moving forward amid the investor excitement.

Nate Geraci has also made the prediction that the spot Ethereum ETF will be the second-most successful debut in the ETF history, only after spot Bitcoin ETFs.

Also Read: What to Expect from Ethereum Price In July

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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