Cryptocurrencies generally see a price increase after being added to an exchange, but with Coinbase the rise can be meteoric – even when nothing is actually being added.
The exchange announced Friday that it was looking into potentially adding cardano’s ADA token, basic attention token, stellar, zcash and 0x to its platform, and each of the tokens immediately saw double-digit percent price spikes. The increases are even more interesting considering Coinbase noted that it “cannot guarantee they will be listed for trading.”
Notably, the exchange also claimed that “we are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets,” possibly in reference to past allegations of insider trading.
While most of the listed tokens have been falling victim to the bearish sentiment of the cryptocurrency market over the past few days, BAT has been looking particularly bullish.
Peak +13.94 percent from daily low
Basic Attention Token (BAT)
Peak +27.75 percent from daily low
Peak +26.67 percent from daily low
Peak +12.39 percent from daily low
Peak +33.58 percent from daily low
The exchange added a disclaimer that residents in certain area may or may not be able to trade a specific token, saying that “regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction.
In some cases, you should expect certain assets to be available in other jurisdictions before coming to the U.S.”
The exchange does plan to look at various factors, including the legal and compliance aspects of offering a particular token for trading, before launching support, according to the post.
“We only plan to launch asset which are compliant with local law,” it noted.
Coinbase app image via PixieMe / Shutterstock
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.