CryptoWatch: Coinbase says it’s exploring adding 5 news coins to its platform, as bitcoin slips

This post was originally published on this site

Coinbase, the most popular digital-currency platform in the U.S., late Friday said it is exploring adding five new cryptocurrencies to its suite of offerings, which currently includes bitcoin and Ethereum’s Ether.

Up for consideration is the following crypto quintet, according to Coinbase:

  • Cardano Ticker: ADA—The asset is often likened to Ethereum, which offers smart-contract capabilities
  • Basic Attention Token Ticker: BAT—The coin has its roots in allowing advertisers to pay for user attention.
  • Stellar’s lumens Ticker: XLM—Stellar’s network has been prominent within the fintech circles
  • Zcash Ticker: ZEC—Zcash is a popular privacy coin
  • 0x Ticker: ZRX—The coin is an open protocol that are used for smart contracts and operate on the Ethereum blockchain, or distributed ledger

Read: 7 cryptocurrencies to watch in 2018 if you’re on the hunt for the next bitcoin

The trading platform said it is exploring rather than outright adding the aforementioned coins is “part of an effort to be as open and transparent as possible, and is consistent with our process for adding new assets, said Keely Hopkins, an external Coinbase spokesman.

Back in late December, Coinbase unceremoniously added Bitcoin Cash BCHUSD, +0.23% with the price of the security soaring before the addition, sparking allegations of insider trading that have haunted one of the world’s largest digital currency exchanges. Since then, Coinbase has tried to further shed light around its policy of adding new tokens and coins.

On Friday, the company in a news blog said it can’t guarantee any of the assets mentioned will find a permanent home on its exchange.

Still, the coins up for review were surging, with Cardano up nearly 12% at 14 cents, Zcash was trading nearly 16% higher at $178, Stellar’s coins were up 11% at about 20 cents a lumen. The 0x coin was surging by 26% at 96 cents, while BAT’s coin was up 21% to 32 cents.

Coinbase’s moves come as the bitcoin BTCUSD, +0.36% the No. 1 digital asset, has been hovering around $6,100 to $6,200 level for the past few weeks, near its lows of 2018.

Bitcoin’s price has fallen around 70% since it peaked in late December of last year at nearly $20,000 and has mostly been in a downtrend since trading above $9,800 in May. A single bitcoin was trading at $6,211.45 late Friday in New York, down 0.6%.

Read: Bitcoin’s meteoric fall means calls for rallies to $25,000 by year-end are in dire jeopardy

Meanwhile, futures for bitcoin traded on Cboe Global Markets Inc. CBOE, -0.22%  for July XBTN8, +0.08% settled at $6,187.50, slightly higher than its $6,170 close in the prior day. For the week, it shed 6% based on the most-active Cboe contract and is down 55% year to date. Comex traded bitcoin for July delivery BTCN8, +0.32%  ended the session at $6,165, edging up from $6,160 on Thursday, with a weekly decline of 5.9%, and a year-to-date slump of 57%.

Those returns compare with traditional assets that have performed far better. For example, the Dow Jones Industrial Average DJIA, +0.38% S&P 500 index SPX, +0.11%  and the Nasdaq Composite Index COMP, +0.03% are all firmly higher for the week and year.

In the broader virtual-currency complex, Ether tokens ETHUSD, +0.17%  were up 1.4% to $434 ion Friday, Bitcoin Cash was trading 2.7% higher at $698, and Ripple’s XRP coin XRPUSD, -0.09% was up 0.9% at 44 cents.

CryptoWatch: Check bitcoin and other cryptocurrency prices, performance and market capitalization—all on one dashboard

Be Sociable, Share!

Related Posts


MarketTamer is not an investment advisor and is not registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory Authority. Further, owners, employees, agents or representatives of MarketTamer are not acting as investment advisors and might not be registered with the U.S. Securities and Exchange Commission or the Financial Industry Regulatory.

This company makes no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended in this email, and makes no representations or warranties concerning said company or entity’s compliance with applicable laws and regulations, including, but not limited to, regulations promulgated by the SEC or the CFTC. The sender of this email may receive a portion of the proceeds from the sale of any products or services offered by a company or entity mentioned or recommended in this email. The recipient of this email assumes responsibility for conducting its own due diligence on the aforementioned company or entity and assumes full responsibility, and releases the sender from liability, for any purchase or order made from any company or entity mentioned or recommended in this email.

The content on any of MarketTamer websites, products or communication is for educational purposes only. Nothing in its products, services, or communications shall be construed as a solicitation and/or recommendation to buy or sell a security. Trading stocks, options and other securities involves risk. The risk of loss in trading securities can be substantial. The risk involved with trading stocks, options and other securities is not suitable for all investors. Prior to buying or selling an option, an investor must evaluate his/her own personal financial situation and consider all relevant risk factors. See: Characteristics and Risks of Standardized Options. The educational training program and software services are provided to improve financial understanding.

The information presented in this site is not intended to be used as the sole basis of any investment decisions, nor should it be construed as advice designed to meet the investment needs of any particular investor. Nothing in our research constitutes legal, accounting or tax advice or individually tailored investment advice. Our research is prepared for general circulation and has been prepared without regard to the individual financial circumstances and objectives of persons who receive or obtain access to it. Our research is based on sources that we believe to be reliable. However, we do not make any representation or warranty, expressed or implied, as to the accuracy of our research, the completeness, or correctness or make any guarantee or other promise as to any results that may be obtained from using our research. To the maximum extent permitted by law, neither we, any of our affiliates, nor any other person, shall have any liability whatsoever to any person for any loss or expense, whether direct, indirect, consequential, incidental or otherwise, arising from or relating in any way to any use of or reliance on our research or the information contained therein. Some discussions contain forward looking statements which are based on current expectations and differences can be expected. All of our research, including the estimates, opinions and information contained therein, reflects our judgment as of the publication or other dissemination date of the research and is subject to change without notice. Further, we expressly disclaim any responsibility to update such research. Investing involves substantial risk. Past performance is not a guarantee of future results, and a loss of original capital may occur. No one receiving or accessing our research should make any investment decision without first consulting his or her own personal financial advisor and conducting his or her own research and due diligence, including carefully reviewing any applicable prospectuses, press releases, reports and other public filings of the issuer of any securities being considered. None of the information presented should be construed as an offer to sell or buy any particular security. As always, use your best judgment when investing.