Five Digital Currencies Jump After Coinbase Announcement
While it's not uncommon for digital currencies to jump in price after being added to a trading exchange listing, Coinbase paved the way for five cryptocurrencies that have seen huge spikes in their price since a recent announcement made involving the possible addition of these currencies to the exchange.
Coinbase recently stated that it was considering 5 cryptocurrencies as possible additions. According to the statement, ADA, BAT, Stellar, Zcash and 0x were the five currencies taken into consideration. As soon as the announcement was made, each cryptocurrency saw a massive leap in price and while the company has clearly stated that any of these coins may not be chosen, it provides a new perspective on the company’s influence within the industry.
After a previous incident involving accusations against employees for using inside information to trade for increased profit, the company explained that its announcement was made public and for everyone involved to provide a clear opinion regarding company support for future assets.
Although a few of the five coins have seen a negative slope throughout this week, BAT is presenting a strong bullish trend. Coinbase also explained that certain tokens may not be tradeable in specific locations depending on regulations and aims to fully cooperate with financial regulators to ensure efficient trading services for its clients.
Every coin will be assessed to determine where each asset can be traded or transferred according to local laws. Further added was that some cryptocurrencies may launch and operate in different locations prior to their introduction to the United States.