And then there were 3 – Basic Attention Token (BAT) added to Coinbase
Well, it was anticipated to happen at some point, but then it certainly happened a lot faster than many thought: Basic Attention Token was added to Coinbase. This was something that we knew was going to happen, so it wasn’t a surprise, but it’s still exciting. Even though Coinbase only lists a handful of cryptocurrencies, it is nonetheless the most important exchange from a regulatory and a trust point of view.
Basic Attention Token listed on Coinbase – shoots up over 30%
Even though BAT was expected to be added to Coinbase, the timing was very sudden. Generally, traders and speculators who are active in the market get a ‘whiff’ of an impending announcement, but this was not the case with the BAT listing. However, there were some hints in the volume that could have pointed to the listing being very soon. For almost two weeks, BAT has outperformed the broader market and has had noticeable volume increases prior to the Coinbase listing. The announcement from Coinbase, via Twitter, generated a significant spike during Friday’s trade, with BAT trading from the daily low of 0.00001283 to a high of 0.00005281 – a 32.09% rise.
And then there were 3
Mmmmm. The Coinbase 5.
The Coinbase 5 is a name I give to the five cryptocurrencies that Coinbase Tweeted about back in July 2018 that they were considering adding to their platform. There was significant speculation over which coins would be added first, but traders and investors were torn between 0x (ZRX), Basic Attention Token (BAT) and Cardano (ADA). Coinbase announced much later that after Ethereum Classic (ETC) was listed, they would support ERC-20 tokens – with ZRX being the first listed. With BAT and ZRX now on Coinbase, there remain three cryptocurrencies in the Coinbase 5 that are awaiting a listing and announcement from Coinbase: Cardano, Zcash (ZEC) and Stellar Lumens (XLM). I would anticipate XLM being the next added to Coinbase because of their existing infrastructure, active platforms and their relationship with IBM. I remain a skeptic if Zcash would ever add purely due to liability and regulation issues. Zcash is a ‘privacy-coin’ – privacy coins focus on being able to make transactions between parties anonymous. However, Zcash does have the ability to make transactions transparent for regulatory purposes. The time between announcements from Coinbase on the listing of new instruments on their platform has been decreasing. The CEO has repeatedly announced that they will be adding ‘hundreds’ of new cryptocurrencies and that they have sped up the process for the listing on their platform. It is entirely possible that this kind of news and sentiment that could generate a large resurgence of new money (and old) into this market and build the next bullish rally.
New Bull Phase Countdown
We are now on the second day of a projected beginning to the new bull phase.