BAT Goes Live On Coinbase Consumer, Falls 6%

BAT Goes Live On Coinbase Consumer, Falls 6% 1

Coinbase Adds Second (Third?) Ethereum-based Token

As reported by Ethereum World News last week, Coinbase Pro, the San Francisco-based startup’s platform for professional traders, revealed support for Basic Attention Token, the digital asset of choice for the crypto-friendly Brave Browser.

While the launch of the digital asset on Coinbase Pro was well-received by many, with the BAT/USDC pair opening its books on Thursday morning, it wasn’t clear when the Brave Browser-related token would be available on Coinbase Consumer (Coinbase.com) or through the startup’s iOS and Android applications.

However, this changed on Thursday afternoon, as America’s largest crypto exchange issued a tweet and blog post to reveal that it was rolling out support for BAT on its consumer-centric platforms.

Per the post, starting on Thursday, Coinbase customers will be able to buy, sell, send, receive, and/or store BAT, alongside the other crypto assets that the platform supports —  Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX, and USDC.

While BAT will apparently be available for Coinbase’s “customers in most jurisdictions,” the asset will not be accessible for New York State residents, in spite of the fact that the startup recently received a green light from the region’s primary market regulator in regards to cryptocurrency custody.

Closing the announcement, the $8 billion upstart restated its goal to “accelerate asset addition” in the near future, along with ensuring that crypto investors are educated about this industry, even in spite of its nascency and relative size to legacy markets.

Coinbase’s move to add BAT comes just weeks after the firm unveiled support for ZRX, the 0x ecosystem’s native asset, and USDC, an up and coming stablecoin backed by both Coinbase and Boston-based, Goldman Sachs-endorsed Circle, a budding fintech startup.

BAT Loses 6%, Dumps To 30 Cents

BAT’s appearance on Coinbase Pro saw the asset see a monumental run-up, with the ERC20 token moving from $0.25 to $0.36 in a matter of the four days following the original announcement. This move amounts to a 40% gain, which was evidently a breath of fresh air in the dismal crypto market.

However, in direct contradiction to the so-called “Coinbase Effect,” BAT fell (and fell hard) on the news that it was finally added to Coinbase Consumer. More specifically, the asset took a 10% haircut at one point, underperforming BTC and ETH by upwards of 6-7%.

Although BAT has since recovered, returning to $0.314 as the crypto market underwent a short-term reversal, the popular altcoin is still down 6% in the past 24 hours.

Following BAT’s interesting bout of price action, CryptoGainz, a crypto commentator on Twitter, noted that “based on this brutal dump, I think it’s fair to conclude that [ZCash] ZEC will unironically dump to zero on [its] Coinbase listing.”

While his comment was likely made in jest, Gainz’s comment regarding the “anti-Coinbase effect” and the platform’s future listees may hold credence. But for now, as many await Coinbase’s next listing, there may be some time for investors to sit on their hands, so to speak.

Title Image Courtesy of Photo-Nic.co.uk nic on Unsplash
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
--- --- --- ---
--- --- --- ---
--- --- --- ---
Tether0.9986 0.03 % 0.08 % 0.23 %
--- --- --- ---
--- --- --- ---
--- --- --- ---
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 56,249.00
ethereum
Ethereum (ETH) $ 4,517.98
binance-coin
Binance Coin (BNB) $ 613.21
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 228.73
cardano
Cardano (ADA) $ 1.63
xrp
XRP (XRP) $ 0.967889
usd-coin
USD Coin (USDC) $ 1.00
polkadot
Polkadot (DOT) $ 35.67
dogecoin
Dogecoin (DOGE) $ 0.206889