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Coinbase Reveals Support For This New Token, Price Soars 20%
Coinbase, one of the world’s leading digital asset exchanges, has announced the addition of Ancient8 (A8) to its platform. This integration of the Ethereum-based ERC-20 token marks another step in Coinbase’s efforts to diversify its asset portfolio and meet evolving investor interests. However, the exchange has taken a cautious approach, labeling A8 an “experimental asset” and implementing a phased launch for trading.
Coinbase Adds Support for Ancient8
Monetary base has revealed that it will support Ancient8 (A8) on the Ethereum network (ERC-20 token). The exchange has warned users against sending this asset to other networks to avoid losing funds for now. Meanwhile, the major cryptocurrency exchange has specified that transfers for A8 are now available on the Coinbase exchange in supported regions.
However, trading is set to begin once the expected liquidity conditions are met, with the A8-USD trading pair launching in phases. Additionally, trading for A8 tends to be restricted in some jurisdictions.
To ensure transparency, the exchange was able to label A8 as an experimental asset. This label helps customers make informed decisions about trading new or low-volume assets. The exchange explains that the experimental label indicates assets that are new to the platform or have lower trading volumes than other cryptocurrencies on the exchange.
Notably, this label does not limit the ability to send, receive, buy, sell or hold the underlined assets. However, the exchange has taken steps to exercise caution due to potential price swings that may occur and has canceled orders associated with lower volumes and availability.
The detailed explanation of the experimental asset label includes criteria for identifying these assets and notes that the requirements may change over time based on market conditions. The exchange is constantly monitoring assets on its platform and may remove the label when an asset no longer meets the criteria.
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A8 price increases by 20%
The announcement of Coinbase’s support for Ancient8 led to a significant increase in the price of the token. Following the news, the price of A8 skyrocketed by 20% to $0.24, highlighting the positive response from the market.
In particular, investors at certain times tend to react enthusiastically to approvals from main cryptocurrency exchangesseeing them as a sign of legitimacy and potential growth. That said, Ancient8’s inclusion on major exchanges could attract more traders and investors, spurring further demand and potentially higher prices.
The initial price surge suggests that the market is optimistic about A8’s future performance. As it turns out, market participants expect that with the backing of a leading exchange like Coinbase, Ancient8 is poised for greater visibility and trading activity.
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Rupam, a seasoned professional with 3 years of experience in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions include breaking stories, deep dives into AI-related developments, real-time updates on the cryptocurrency market, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with diverse audiences.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your own market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.