Dogecoin Surges 18% on Optimism for DOGE Futures, Bitcoin Approaches $68,000

Dogecoin Surges 18% on Optimism for DOGE Futures, Bitcoin Approaches $68,000

Bitcoin News
March 21, 2024 by Diana Ambolis
256
Crypto Markets and Bitcoin Experience Volatility Amid Regulatory Uncertainty and Macroeconomic Factors Overnight, the cryptocurrency markets exhibited their characteristic volatility, with bitcoin (BTC) and ether (ETH) experiencing fluctuations before rebounding to trade up to 15% above their lows on Wednesday. Both BTC and ETH surged by as much as 11% over the past 24 hours,
Dogecoin and bitcoin

Crypto Markets and Bitcoin Experience Volatility Amid Regulatory Uncertainty and Macroeconomic Factors

Overnight, the cryptocurrency markets exhibited their characteristic volatility, with bitcoin (BTC) and ether (ETH) experiencing fluctuations before rebounding to trade up to 15% above their lows on Wednesday. Both BTC and ETH surged by as much as 11% over the past 24 hours, leading to gains among major tokens. According to data from sources, Solana’s SOL, Cardano’s ADA, and BNB Chain’s BNB also recorded increases of up to 8%. The 20 Index, reflecting the broader crypto market, showed a recent increase of 7.62%.

Tokens of layer-2 platforms, which are blockchains based on Ethereum, emerged as the leading sector with an average surge of 25% in the past 24 hours, as per the data. Meme coins followed closely with a 16% jump.

The market downturn began on Wednesday during early Asian trading hours, attributed to profit-taking from the previous week’s rally and a wave of leveraged bets on higher prices. Overall capitalization dropped by over 15% in the past week, with some traders observing technical signals indicating a potential downtrend for bitcoin.

Also, read- Bitcoin Surges 12% After FOMC Meeting Despite $260 Million ETF Outflows

However, sentiment shifted later in the day after U.S. Federal Reserve Chair Jerome Powell’s speech during the FOMC meeting adopted a dovish tone. Despite inflation figures exceeding expectations, the central bank maintained its outlook for three rate cuts this year.

Singapore-based trading firm QCP Capital noted in a daily report that the surge in buying activity was primarily driven by spot transactions, which reflect actual demand better than futures-led trading, typically regarded as more speculative.

Dogecoin (DOGE) surged by 18% following the viral circulation on X of a March 7 filing from prominent crypto exchange Coinbase, revealing plans to introduce DOGE, litecoin (LTC), and bitcoin cash (BCH) futures as early as April 1. Some traders interpreted this move as a potential precursor to a spot DOGE exchange-traded fund (ETF).

Coinbase, recognized for its stringent listing criteria and regulatory adherence, stated in the filing that DOGE has transcended its status as a “joke” token in the current investment landscape.