The central theses
- Coinbase Pro announced that it is preparing to list 1 Zoll, Enjin Coin, NKN and Origin Token on its trading platform on April 9th.
- The announcement has resulted in a significant number of investors rushing to other exchanges to invest in these coins.
- The price of the relevant altcoins rose by more than 20% and benefited from the “coinbase effect”.
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Coinbase has announced that it will list four new cryptocurrencies for trading: 1 Zoll, Enjin Coin, NKN and Origin Token.
Coinbase Listing Spree is accelerating
In a recent blog post, Coinbase Pro announced Starting today April 7th, users will be able to transfer 1 Zoll, Enjin Coin, NKN and Origin tokens to their respective accounts. Trading begins after two days, on April 9th, when “the liquidity conditions are met”.
Once a sufficient supply of 1 INCH, ENJ, NKN and OGN is established, all of these altcoins can be traded for Bitcoin, the US dollar, the euro and the British pound.
The start of order books is expected in three phases: post-only, limit-only and full trading. “If at any point one of the new order books does not meet our assessment of a healthy and orderly market, we can keep the book in one condition for an extended period of time or suspend trading according to our trading rules,” the announcement said.
Coinbase made a listing spree before using it directly listing on April 14, 2021 on the Nasdaq Global Select Market. Most recently the San Francisco-based cryptocurrency exchange added Trade support for ANKR, CRV, STORJ and Cardano (ADA), among many others.
Since the announcement, 1 Zoll, Enjin Coin, NKN and Origin Token have seen massive price increases and are the youngest beneficiaries of the well-known “Coinbase effect. ”
At the time of writing, the price of each altcoin was increasing by more than 20%, 30%, 80% and 35%, respectively. While more profits can be expected, it’s worth noting that insiders who have shopped earlier may toss their holdings at unsuspecting retail investors.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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