Altcoins

Bitcoin Price Struggles but 0x and BAT Surge Upon Coinbase Announcement

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Coinbase, the world’s largest crypto exchange, brokerage, and wallet platform has announced its intention to list Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX), causing the price of tokens to surge, while bitcoin has struggled to demonstrate any major price action.

The release of the statement of Coinbase was taken aback by the crypto community, as most investors considered the company’s acquisition of decentralized crypto exchange Paradex as the substitution for direct token listing.

However, the Coinbase team emphasized that despite the additional approval and verification work required to list the five digital assets, the company decided to list them.

BAT and 0x

Coinbase emphasized in its statement that the plans to list the five digital assets have been finalized, but there exists a possibility that the company fails to integrate the above mentioned assets due to regulatory and compliance-related issues.

Still, the price of BAT and 0x surged by around 25 percent and 15 percent respectively, allowing the valuation of the crypto market to increase slightly by $ 3 billion.

BAT Price on Binance, Chart by TradingView

The price of BAT surged by a larger margin than 0x because while the listing of 0x was highly anticipated by the crypto community, given the involvement of Coinbase founding members in the 0x Protocol and the company’s recent acquisition of Paradex, BAT wasn’t being discussed as potential candidates for Coinbase listing.

In its statement, Coinbase explained that the reputation of Brave creator Brendan Eich, the founder of JavaScript and Firefox, as well as the fast adoption of the Brave browser, which currently has more than 18,000 verified publishers that receive incentives via BAT, as the reasons for the listing of BAT.

The Coinbase team said:

“The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts.”

Almost instantly, the volume of BAT surged massively on major crypto exchanges such as Binance, quickly becoming one of the largest trading pairs of bitcoin. Currently, as of July 14, BAT remains as the 11th most traded cryptocurrency against bitcoin on Binance, above major digital assets like Bitcoin Cash, Binance Coin, NEO, and Litecoin.

XRP Investors Outraged

Throughout the past year, the price of XRP, the native cryptocurrency of Ripple, surged on several occasions as rumors about potential Coinbase listing emerged, and time and time again, Coinbase denied those rumors.

On social media, users and investors of Ripple reacted negatively to the announcement of Coinbase and their decision to integrate small tokens ahead of XRP.

One investor said:

“The fact that you did not include XRP which is a top 3 crypto shows your bias and that the news about you trying to strong arm Ripple to pay millions for a listing are true.”

Featured image from Shutterstock. Charts from TradingView.

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