Coinbase could have announced plans to list hundreds of new assets over the approaching months and years, however that doesn’t mean that the San Francisco-based cryptocurrency exchange has lost its status as crypto-token kingmaker.
Yesterday, on Oct. 11, Coinbase announced that it had begun the method of listing 0x (ZRX), an ERC-20 token that runs on Ethereum, on its skilled order-book exchange Coinbase pro (formerly GDAX). At present, traders will create ZRX deposits, though the order books had not yet opened for trading as of the time of writing.
In the meantime, the ZRX value has been surging. The token’s trading price spiked from about $0.68 to a high of just below $0.92 in the minutes following the announcement. Though it has since settled down from that intraday peak, 0x continues to trade close to $0.77, representing a 24-hour gain of about 17 % that's way on top of the 0.5 % increase seen by the cryptocurrency market as a whole.
ZRX/USD | Binance
With its listing, 0x becomes the primary ERC-20 token listed on the Coinbase platform. Ethereum (ETH) itself has been obtainable on the exchange for quite some time now, whereas the company added support for ethereum classic (ETC) over the summer.
Coinbase had announced in June it absolutely was exploring listing 0x in some jurisdictions, along with zcash (ZEC), stellar (XLM), and basic attention token (BAT).
Importantly, the 0x token won't initially be obtainable through Coinbase eponymous brokerage service, that is tailored for retail investors and is particularly popular among first-time consumers. the corporate aforementioned that it'll create a separate announcement once this happens.
Notably, the 0x rally confirms that the “Coinbase Bounce” remains as powerful as ever, alluding to the actual fact that cryptocurrencies have tended to see robust upward swings in the wake of their listing on the popular exchange, that had heretofore only listed a handful of assets.
Conventional knowledge says that the Coinbase Bounce should have decreasing returns moving forward, significantly since the exchange has outlined a new listing framework which will probably see its list of supported tokens expand to rival the hundreds obtainable on most trading platforms.
However, that will not be the case, a minimum of for microcap tokens who, to some extent or another, depend on exchange listings to keep up relevance. Earlier this week, Binance — the world’s largest cryptocurrency exchange — delisted four cryptocurrency tokens that the company said no longer met the platform’s quality assurance standards. The worth of these coins plunged following the announcement, highlighting the degree to that several tokens depend on speculative trading provide them value.
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