Whether you like it or not, the Coinbase effect is real in the crypto space. As 2017 came to a close, the rumor of Ripple getting listed on Coinbase resulted in a spike in the price of XRP such that the coin hit unprecedented highs of almost $4 per XRP. Obviously, with the market dip that came almost immediately, XRP market price has corrected ever since and is now priced at $0.54 per XRP.
ETC to be added to Coinbase
Just recently Coinbase made an announcement on their blog about their intention to add Ethereum Classic to their trading and cryptocurrency exchange platform. The announcement that came about on Monday this week hit the crypto space by storm leaving most dumbfounded over how Coinbase made the move to list ETC and not one of the top altcoins like RippleXRP.
Ethereum Classic is now on its way to being the fifth cryptocurrency supported on Coinbase (one of the most popular crypto trading and exchange platform in the US). What took most by surprise is the fact that coins such as Ripple have been gunning for the coveted position of being listed on Coinbase yet Ethereum Classic (listed at position 18 on CoinMarketCap with a market cap of $1.6 billion) managed to beat the competition.
ETC price spike
In fact, right after the announcement, the price of ETC went up by over 20 percent going from $12.81 to $16.40, in a span of about 24hours. This happened even before Coinbase was able to put out a specific date for when ETC would be listed on the retail brokerage platform.
According to the announcement, ETC will be added to Coinbase’s Custody platform, Coinbase Markets, Coinbase Pro, Coinbase Prime, and, Coinbase Asset management in the coming months. Coinbase has reportedly been pushing to get registered by federal registration as an alternative trading system and investment adviser. This will allow the company to list more cryptocurrencies to its exchange.
Coinbase move to pick ETC instead of XRP
Coinbase is known to be super choosy over the coins it supports, however, a couple of reasons as to why they decided to support ETC over other viable options like Ripple XRP are evident. To begin with, ETC (unlike XRP) is a fully decentralized cryptocurrency that was forked from Ethereum after an attack that saw investors lose money on the Ethereum platform. Although IOHK is currently in charge of running the Ethereum Classic Blockchain, ETC remains to be an open source Blockchain project that is transparent and stable. Perhaps it’s the decentralized, stable and transparent nature of Ethereum Classic that has made it worthy of being listed on the giant brokerage firm.
Is XRP a real cryptocurrency?
This is not to say that XRP is unstable. It’s just that Ripple XRP, operates on a centralized framework whereby it cannot be mined and transactions are verified by a centralized Blockchain framework controlled by Ripple labs (the company). It’s for this reason that most cryptocurrency enthusiasts do not consider XRP a “Real Cryptocurrency.”
However, there might still be hope for XRP to be added to Coinbase considering reports that Coinbase might be moving base to Japan where cryptocurrency regulations are much more lenient than in the US. Plus Coinbase has also promised to add more ERC20 cryptocurrencies in the future. Whether XRP makes the cut will be something we have to wait and see.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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