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The CME Group shouldn’t be launching Dogecoin futures – The Block Crypto

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Chicago-based buying and selling venue operator CME Group has no plans to launch a Dogecoin futures product, The Block has confirmed.

Affirmation comes hours after a controversial tweet from a breaking information Twitter account sparked a speculative downside within the social media platform’s trade ecosystem popularly often known as Crypto Twitter.

“CHICAGO MERCANTILE EXCHANGE is about to launch DOGECOIN FUTURES,” says @FirstSquawk’s tweet, which summarizes the most recent headlines from the enterprise world. An e-mail despatched to an tackle on the operator’s web site concerning the supply of knowledge was not returned on the time of going to press.

Nonetheless, a number of individuals accustomed to the state of affairs informed The Block that no such product can be launched. CME, which has been providing Bitcoin futures since 2017, declined to remark.

Earlier than confirming The Block, sources within the institutional buying and selling world opposed the tweet and acknowledged that CME would have up to date them about such a product.

“No person at CME requested us about it,” mentioned a commerce supervisor. “Normally they take a look at us.”

First Squawk was certainly one of various Twitter accounts that introduced an unfounded headline over the weekend entitled “US TREASURE TO LOAD MULTIPLE MONEY LAUNDERING INSTITUTIONS WITH CRYPTOCURRENCIES.” Some market watchers have linked the headline unfold and the market droop and the cascade of futures liquidations this weekend.

Dogecoin has been in danger with a market cap of over $ 40 billion in latest buying and selling periods, and the meme-themed cryptocurrency has been evangelized by billionaire traders like Elon Musk and Mark Cuban. Robinhood mentioned Friday that Dogecoin-related exercise was inflicting a short lived suspension on its platform.

Dogecoin rose sharply throughout Sunday’s buying and selling session, however the worth has since declined, down 3.12% in keeping with TradingView information.

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