Could Coinbase Spark The Bitcoin Bull Run?
Over the past few weeks you may have noticed, as a trader and crypto enthusiast, that the massive exchange, Coinbase has been the source of a lot of excitement in the crypto space. Whenever the exchange reveals a listing of a token or coin there is a massive jump of excitement among traders and they go head on to trade the latest listing.
If we take a look at Basic Attention Token (BAT), we see that when the token got listed on Coinbase Pro at the start of November. The virtual asset saw an incredible 33% jump after just minutes of it being announced. Many crypto enthusiasts are now awaiting the second wave for BAT to arrive when it is listed on the regular Coinbase platform and all the mobile apps. This is almost what we saw with ZRX a few weeks ago...
When the 0x (ZRX) coin got listed on Coinbase Pro on the 11th October we saw a similar pattern with BAT. Five days later, the coin was available on the regular Coinbase platform and all the corresponding mobile apps. Prior to the Coinbase Pro listing, the coin was trading at just $0.66 and when it was finally available on all the platform related to Coinbase, it had surged to $1.07 this was a percentage increment of 62% in less than one week.
Furthermore, with Bitcoin Cash, the exchange was the force behind the coins surge in gains at the weekend. On the American trading platform, it was announced that it was going to start to support the upcoming Bitcoin Cash hard fork on the 15th November.
With all this in mind, the term Coinbase Effect has been created. This term has been used on several occasions as to describe the trading platform has on any digital asset. As we look to the coins mentioned above, we can also see Stellar, ZCash, Cardano walking a similar path in the crypto markets.
As reported by Ethereum World News:
âThe last three digital assets are scheduled for listing on the platform in the near future. We also have news that the exchange plans on listing hundreds of digital assets in the near future. This list of âhundreds of cryptocurrenciesâ has been speculated to also include XRP and TRX.â
So with all of this in mind, could Coinbase spark a Bitcoin bull run?
What are your thoughts? Let us know what you think down below in the comments!