Brave's Basic Attention Token Falls 16% After Being Listed on Coinbase

Brave's Basic Attention Token Falls 16% After Being Listed on Coinbase

Francisco Memoria
  • Brave's BAT has recently seen its price drop over 16% after being listed on the San Francisco-based exchange Coinbase.
  • The drop was likely caused by a "buy the rumor, sell the news" scenario.

Brave’s Basic Attention Token (BAT) has recently been listed on the San Francisco-based cryptocurrency exchange Coinbase, effectively becoming the eighth cryptocurrency available on the platform.

Although the cryptocurrency had been listed on the Coinbase Pro platform, being listed on Coinbase.com and its Android and iOS apps means its now accessible to millions of users. Despite the announcement, BAT’s price plummeted over 16%.

Brave's BAT fell on the Coinbase listing, but is up in the last 2 weeks

Currently, Coinbase’s users in New York aren’t able to buy or sell the cryptocurrency. Despite the recent price slump, Brave is up nearly 9% in the last two weeks, as various developments helped it surge. Among them, the launch of a Chromium-based version of the Brave browser.

The cryptocurrency likely fell as traders started acquiring the cryptocurrency anticipating a Coinbase listing and some may have now dumped it in a “buy the rumor, sell the news” scenario. Nevertheless, BAT’s RSI shows it’s now back to oversold territory, meaning it could bounce back soon.

The Brave browser, devised by JavaScript creator Brendan Eich, uses the BAT tokens so users can reward publishers and content creators for the attention they give them with it. Its purpose is to allow creators to receive for their work, while the browser has a built-in adblocking feature.

The browser is notably privacy-centric and, as such, also has built-in code that blocks third-party scripts. Its focus has helped it surge in popularity. As of early October it had 4.6 million monthly active users, and 28,700 publishers and creators.

https://twitter.com/ilumium/status/1059482154730733569

The browser has, in fact, been already downloaded over 10 million times on Google’s Play Store. Recently, it started rolling out a built-in BAT-tipping feature that will allow users to tip others on social media.

Moreover, it has a Brave Rewards program that has seen public trials get launched, and that will reportedly let users earn as much as $70 per year in BAT by choosing to see ads. Per the firm, if a user chooses to see ads "delivered directly to the user in a separate ad tab,” they’ll receive 70% of the revenue from them, and 15% of the revenue from ads that appear on websites.

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