October 31, 2020

Altcoin NewsZ

Daily Cryptocurrency Update

Celo explodes on Coinbase Pro listing announcement

Main U.S. cryptocurrency alternate, Coinbase Pro, has introduced it would listing the native token of blockchain platform Celo (CELO).

Different Celo markets have responded enthusiastically, with the coin gaining roughly 55% over each USD and BTC over the previous 24 hours as CELO rocketed into new all-time highs above $2.70. As of this writing, CELO is altering fingers for $4.45.

CELO/USDT – Bittrex – 1D: TradingView

Coinbase Professional will start accepting CELO deposits from August 31, with buying and selling slated to begin from 9 am PT on September 1, topic to liquidity circumstances.

The alternate will assist 4 pairings for Celo, permitting clients to commerce CELO in opposition to Bitcoin (BTC), USD, EUR, and GBP.

The markets can be launched over 4 phases, beginning with deposits solely, earlier than permitting merchants to fill the order books, enabling restrict order execution, and lastly shifting to full buying and selling performance.

CELO’s explosive efficiency right now appears at odds with evaluation performed by Coin Metrics in June that discovered the value influence of newly announced Coinbase Pro listings to be overstated — with freshly listed markets producing common worth performances of between -1% and +14% 20 after being introduced.

Coinbase Professional listings have equally comprised the catalyst for the meteoric price moves of Numeraire (NMR) and Band Protocol (BAND) earlier this month, which posted features of greater than 150% and 250% inside days of the listings’ bulletins.

Coinbase first mooted supporting Celo’s token in September 2019, when the alternate introduced Celo as considered one of 17 yet-to-be-launched initiatives that it was contemplating itemizing.