Coinbase Considering Adding XRP, EOS, XLM, ADA, NEO, and 26 Other Digital Assets

On Friday (7 December 2018), cryptocurrency exchange Coinbase announced that it is considering adding support for up to 31 additional digital assets.

If you own XRP, NEO, ADA, XLM, EOS, and/or any of the 26 other cryptocurrencies shown in the diagram below, you have cause to feel a bit more cheerful during this holiday season because Coinbase is considering listing these in the future:

Coinbase candidates.png

The last time that Coinbase announced that it was exploring adding support for several new assets was 15 July 2018, when it said that it was looking at Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x. (And before that, on 26 March 2018, Coinbase announced its "intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months.") 

In the blog post published earlier today, Coinbase says that from the five assets it mentioned on 15 July 2018, it has already added support forthree of these—BAT, ZEC, and ZRX—and that is continuing to "evaluate the others, along with a number of ERC-20 tokens."

Coinbase wants people to note the following:

  • "Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading."
  • "... our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet."
  • "... we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly."
  • "As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets. We cannot commit to when or whether these assets will become available..."

One more thing worth noting is that just because a certain digital asset may be considered a security in one jurisdiction, say the United States, it does not mean that Coinbase cannot offer the same digital asset in other jurisdictions where there are no regulatory issues with offering that asset for trading on an exchange.

All Images Courtesy of Coinbase

Bitcoin’s Price Surges Nearly 10% to Surpass $8,000 as Crypto Market Adds $20 Billion

The price of bitcoin, the flagship cryptocurrency, has recently surpassed the $8,000 mark in a move some believe is extremely bullish and could help it go up to $20,000. What’s behind the rise is unclear, although a counter trading indicator pointed towards it.

At press time, BTC is trading at $8,055 after rising 10% in the last 24-hour period, according to CryptoCompare data. The flagship cryptocurrency’s market cap is now of $142 billion, and its recovery came merely days after it had a $1,000 ‘flash crash’ caused by a 5,000 BTC sell order.

Bitcoin's price performance in the last 24-hour period

It’s currently unclear what’s behind the cryptocurrency’s rise, although some have pointed out tensions between the United States and China may be helping, as bitcoinj’s price has been moving up when trading volumes are higher on Asian exchanges.

The U.S. recently hiked tariffs on $200 billion worth of Chinese goods, with China retaliating with higher levies on billions of dollars worth of U.S. products. These developments severely affected the stock market, and could be seeing investors hedge with bitcoin and other cryptocurrencies.

Notably, some could have predicted BTC would surpass the $8,000 mark this weekend as CNBC’s Fast Money Twitter account recently posted a bearish tweet showing a head and shoulders pattern, which implied a drop was imminent.

In the cryptocurrency space CNBC’s tweets are seen as a counter trading indicator, as often bitcoin does the exact opposite of what the financial news outlet’s social media accounts predict will happen.

The cryptocurrency’s price rise also comes as search interest for it hits a 14-month high, according to Google Trends data. This means that search interest for BTC hasn’t been this high since February of last year, when it was trading between $8,000 and $11,000.

Mati Greenspan, a senior market analyst at eToro, has noted the cryptocurrency’s price performance is bullish, and that there could be “virtually no major levels of resistance until $20,000.”

Recently, the co-founder and CEO of digital asset exchange Gemini, Tyler Winklevoss, called bitcoin “gold 2.0.” Facebook has also shown it’s getting more serious about blockchain, cryptocurrencies, and payments, which could be heightening interest in the space.

Bob Iaccino, an experience fun manager and veteran trader, has earlier this week argued that the growth of BTC’s layer-two scaling solution, the Lightning Network (LN), could also be supporting the cryptocurrency’s rally.

Altcoins Follow Bitcoin’s Rally

Available data shows that most altcoins have followed the flagship cryptocurrency’s rally, with most being up well over 3% in the last 24-hour period. Top altcoins like Ethereum’s ether, litecoin, XRP, and Zcash are all up by over 7%, with ether rising nearly 10% to trade at $258.

Interestingly Bitcoin Cash, a cryptocurrency that has recently seen a hacker take advantage of an upgrade to get miners to mine empty blocks and that has seen a mining pool have over 51% of its hashrate for a brief period, has risen over 16% in the same period. BCH is currently trading at $415.

Dash and Cosmos are other cryptocurrencies that have risen over 10% in said period. Overall the rally has seen the crypto market add over $20 billion.