BAT price surges following Coinbase listing announcement

BAT price surges following Coinbase listing announcement
Written by:
Michael Harris
5th November 2018
Updated: 10th April 2020

The largest US cryptocurrency exchange, Coinbase, has expanded its portfolio of tradable assets with a new digital coin.

The San Francisco-based firm on Friday announced that it was adding support for the Basic Attention Token (BAT) on its exchange platform Coinbase Pro. The company began accepting deposits at 21:00 GMT on Friday. At the time of writing, the asset was not yet tradable on the platform.

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“We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading on the BAT/USDC order book will start,” the company wrote in a blog post on Friday. It added that “BAT trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York”.

For the time being, BAT will also not be available at the company’s retail offerings – Coinbase.com and its Android and iOS apps. Coinbase said that it would make “a separate announcement when that occurs”.

BAT will only be tradable with USD Coins (USDC), the dollar-pegged stablecoin Coinbase recently added to its platform. According to the company, each USDC is backed by $1.

BAT experienced a big surge following the announcement. The coin’s price surged to a more than three-month high of $0.317, before finishing the session at $0.304, more than 20% higher than its opening level of $0.252. The digital coin saw a moderate correction over the weekend, closing at $0.289 on both Saturday and Sunday.

The coin has resumed its advance in today’s trading, with its price rising to an intraday high of $0.327 in the late morning session. As of 16:07 GMT, the BAT price stood at $0.307, according to data from digital currency tracker Coinmarketcap. The coin has gained 5.6% in the past 24 hours, lifting its total market cap to $307 million.

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