Trading for BAT officially went live yesterday on Coinbase, the largest cryptocurrency exchange in the U.S., a move that followed the token's inclusion on Coinbase's professional platform.
The idea of listing BAT among four other cryptocurrencies on July 13, triggering a 27 percent jump in its price at the time.
As of press time, BAT is trading at around $0.30, representing a 23 percent decline from than yesterday's high of $0.39.
As can be seen in the above chart, the price of BAT broke above its upper Bollinger Band and hit a three-month high of $0.39 following the Coinbase listing news, though it quickly retreated.
It's worth noting BAT's bearish reaction from the market, following its listing on Coinbase, is not the first time a similar situation has taken place.
ZRX became the most recent addition to Coinbase when it was listed on October 16th. Its price rose to an 8-week high of $1.09 the next day, but it began a steep descent thereafter.
Today, ZRX is trading at a price of $0.72 on the Binance exchange, representing a 33 percent drop from its post-Coinbase listing high.
The cryptocurrency hit a high of $15.09 on Aug.16, the day of its listing on Coinbase, but just a week later it was trading at a 20 percent lower price.
Today, ETC is trading on Binance at a price of about $9.55, marking a 37 percent drop from its Aug. 16 high.
BAT looks to be another victim of the "Buy the rumor, sell the news" trading strategy following its listing on Coinbase.
The 'Coinbase Effect' Turns Bearish After BAT Prices Drop Post-Listing
Publié le Nov 9, 2018
by Coindesk | Publié le Coinage
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