The owner of a Bored Ape NFT worth US$350,000 sold it for only 115 DAI (US$115) in what appears to be either a costly mistake or some kind of hack of the owner’s OpenSea account.
We’re accustomed to seeing NFTs – especially those from the Bored Ape Yacht Club (BAYC) – being sold for hundreds of thousands or even millions of dollars. Mistakes abound in this space, however. Three months ago, the owner of a Bored Ape mistakenly sold his NFT for US$3,000 instead of its market value price of $300,000.
In this latest case, however, bells started ringing in the NFT community as it’s unusual to see an owner of a valuable Bored Ape accepting such a low offer.
Second Undervalued Transaction, Same Buyer, Same Day
The owner of Bored Ape #835, who goes by the moniker “cchan“, accepted a bid of only 115 DAI – an Ethereum-based stablecoin – for his NFT. But what’s striking is that cchan also sold his Mutant Ape (from the Mutant Ape Yacht Club) #11670 for 25 DAI to the samebuyer on the same day.
Bored Ape #835 is now owned by a user with the handle “6315EF”.
Currency Confusion or Tax Dodge?
People on crypto Twitter started conjecturing possible explanations for this event, such as cchan confusing ETH with DAI. Another possibility is tax-loss harvesting, which is selling certain assets at a loss to offset capital gains made via the sale of other assets or stocks, thus minimising the amount of taxes owing.
However, one user on Twitter said cchan was not aware of the situation, which suggests he had his account hacked:
just contacted him he was not aware of siutation so iguess it's a hack
This is quite a significant loss for cchan, having acquired his Bored Ape #835 in August last year for 15 ETH (US$51,000 today).
The NFT space is chock-full of horror stories like this. As Crypto News Australia reported a week ago, a trader with the online handle Dino Dealer sold his US$1.2 million clipart rock for less than a cent after erroneously listing the NFT for 444 wei, the smallest denomination of ETH, instead of 444 ETH.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Tezos (XTZ)
Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
XTZ Price Analysis
At the time of writing, XTZ is ranked the 46th cryptocurrency globally and the current price is US$3.82. Let’s take a look at the chart below for price analysis:
XTZ‘s 65% drop since late December saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.
The level near $4.10 is providing some resistance. However, continuation through the monthly high at $4.32 is not out of the question. Aggressive bulls might bid in the current region near $4.58.
If the price runs the recent swing low, bulls might bid in the gap near $3.70. A deeper retracement could reach near the early-February level and a gap near $3.57. The region near $3.49 and $3.40 may also provide some support during a deeper retracement.
2. Stratis (STRAX)
Stratis STRAX is a blockchain-as-a-service platform that offers several products and services for enterprises, including launching private sidechains, running full nodes, developing and deploying smart contracts, an initial coin offering platform, and a proof-of-identity application. The company also provides cryptocurrency wallets and blockchain consulting services. Stratis operates its own blockchain powered by a native token, STRAX.
STRAX Price Analysis
At the time of writing, STRAX is ranked the 290th cryptocurrency globally and the current price is US$1.27. Let’s take a look at the chart below for price analysis:
Since its rally in H1 2021, STRAX has been in a massive range between approximately $2.50 and $1.20. Long upper wicks during the second half of 2021 show distribution, while the daily chart shows a bearish trend since January.
The price is currently around the 79.6% retracement, near $1.30. This level has seen interest from bulls since July 2021. It might provide support again for a short-term bounce.
The closest resistance may be at $1.42, near the 9, 18 and 40 EMAs. If the price breaks this level, bulls might target the old swing high near $1.59, another old swing high and inefficiently traded area near $1.72, and the consolidation around $1.80.
However, repeated tests of a level, plus the higher-timeframe downtrend, may cause an eventual breakdown of the current support near $1.20. If this occurs, old swing lows near $1.12 – particularly an inefficient region starting near $0.9877 – may be the bearish target and the subsequent support.
3. Coti (COTI)
COTI markets itself as the first enterprise-grade fintech platform that empowers organisations to build their own payment solutions as well as digitise any currency to save time as well as money. COTI is one of the world’s first blockchain protocols that is optimised for decentralised payments and designed for use by merchants, governments, payment DApps, and stablecoin issuers. The ecosystem has a DAG-based blockchain, proof-of-trust consensus algorithm, multiDAG, GTS (Global Trust System), a universal payment solution, and a payment gateway.
COTI Price Analysis
At the time of writing, COTI is ranked the 180th cryptocurrency globally and the current price is US$0.2896. Let’s take a look at the chart below for price analysis:
COTI‘s rally during H2 2021 broke down in early November and has since been in a bearish trend on the daily chart. The price recently swept lows below a contested area at $0.1952, which prompted a rally during the last week into resistance at the 40 EMA near $0.2988.
It remains to be seen whether this contested area from $0.2603 to $0.2252 can support a retest.
Unless the overall market turns bullish, a bearish continuation to possible support near $0.2165 – just under the 79.6% retracement level – seems likely. This area has sparked multiple consolidations.
A break of this level might continue to possible support near $0.1599, where the H2 2021 rally began accumulating before its run.
If the market continues its rally, breaking through resistance near the 2021 yearly open, the macro range highs near $0.3913 might provide the next resistance.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Bitcoin’s supply has long been a topic of discussion, with many wondering why a limit has been imposed and what will happen when it is eventually reached.
According to Andreas Antonopoulos – a teaching fellow for the M.Sc. Digital Currencies at the University of Nicosia, Cyprus – Bitcoin will never change its fixed supply of 21 million.
Firstly, if Bitcoin core developers and community ever decide to change the supply, it would require a hard fork. Simply put, implementing a hard fork would change the protocol permanently and it would no longer be Bitcoin.
By adding to the supply limit, bitcoins will not endlessly inflate like fiat currency. This ensures the scarcity of bitcoin and helps define it as a store of value. There are also those who believe the Bitcoin model will break down when the supply is reached and that miners will leave if only processing transactions for a few satoshis. Yet that scenario relies on a lot of assumptions about price, hash rate, and its consensus mechanism.
There is No Code Preventing 21 Million Hard Cap
Antonopoulos has also stated that when he went through the Bitcoin source code, he never found a defined limit of 21 million coins, adding that the main reason for implementing the cap was “as a safeguard to prevent bugs”. There’s no mechanism that actually stops the issuance of bitcoin after 21 million is reached.
In December 2021 BTC reached 90 per cent of its total supply mined, though this doesn’t mean the cap has almost been reached. Every four years there is a “halving”, where the mining reward is cut in half. This also cuts in half Bitcoin’s inflation rate and the rate at which new bitcoins enter circulation.
The first 90 per cent took 12 years and it is estimated that the following five per cent will take another four years. By the last halving, Bitcoin could take more than 100 years to be completely issued, with some estimates pointing toward the year 2140.
The progressive reduction in the issuance of bitcoin is how the limit is ultimately reached. No one really knows what will happen to Bitcoin in 2140 when the last bitcoin is mined, however some believe that the consensus mechanism could change to something more advanced.
Since becoming the first spot bitcoin exchange traded fund in Canada in February 2021, the Purpose Bitcoin ETF has surpassed CAD$1.7 billion assets under management and, according to Glassnode, holds over 36,000 BTC.
Purpose Bitcoin ETF holdings. Source: Glassnode
One Bitcoin analyst noted the dramatic increase in holdings over the past week in particular:
The Canadian Purpose #Bitcoin ETF has just hit another ATH yesterday of 36.27k $BTC. Last week the ETF ended with an AUM of 34.07k bitcoin. That’s more than 2k bitcoin added this week so far …
A spot-based Bitcoin ETF – that is, one exposed to the price of bitcoin, as opposed to something like a futures contract – is a somewhat divisive topic within the Bitcoin community.
Some regard ETFs as an easily-understood and accessible vehicle for everyday investors to gain exposure to bitcoin. In doing so, it broadens the tent so to speak, and opens up the sector to a whole new range of retail and institutional participants.
An opposing view highlights the risks of manipulation within paper markets linked to physical assets such as gold and silver. Within the context of Bitcoin, this could undermine the protocol’s most fundamental principle, namely a fixed and verifiable supply.
Unfortunately, one needn’t go back too far in history to find evidence of manipulation in financial markets. In 2020, investment bank giant JPMorgan paid US$920 million in fines and restitution for its role in manipulating the paper silver market.
Canada Leads the ETF Way
Whatever one’s view of spot-based Bitcoin ETFs, Canada has undoubtedly been at the forefront of bringing crypto ETFs to market. Not only was it the first country in the world to approve a Bitcoin ETF, it has since successfully launched another four.
By comparison, across the border in the US regulatory authorities are yet to approve a spot-based Bitcoin ETF, citing “manipulation concerns”. As reported by Crypto News Australia, as of November last year there were 34 ETF applications pending approval. Many have since been refused and, at the time of writing, more than a dozen applications remain outstanding.
Tellingly, the Securities and Exchange Commission (SEC) did approve a futures-based Bitcoin ETF in October. This was met with mixed reactions, with the consensus view emerging that it provided little benefit to retail investors relative to the intermediaries involved:
This vehicle means that the arbitrager takes their slice, the ETF provider takes their slice, the lawyer who set up the fund takes their slice, the administrator, the auditor … I mean, everybody is taking a slice out of your pie.
Real Vision founder/CEO Raoul Pal, on the futures-based Bitcoin ETF
While it remains unclear what the holdup is at the SEC, as one on-chain analyst noted, if the Purpose Bitcoin can double in 10 months, imagine what would happen if a spot-based ETF launched in the US:
In just over 10 months, the 🇨🇦 #Bitcoin Spot ETF has doubled in size.
On average, the ETF has added over 59 BTC per day.
Coinbase is reportedly close to acquiring 2TM, the owner of Mercado Bitcoin, Brazil’s largest exchange, according to a local newspaper that didn’t disclose its sources.
According to the report by Brazilian newspaper Estadão, Coinbase and 2TM have been in talks since April 2021, a year in which the South American nation experienced a massive surge in crypto adoption that tripled stablecoin trading.
Mercado Bitcoin surpassed three million customers in 2021, of which one-third joined the exchange in that same year. During that time, the exchange reached trading volumes of over US$7 billion.
Rio de Janeiro Turns into a Crypto Hub
Shortly after the crypto boom in Brazil, several crypto companies shifted their focus onto the nation, including other leading exchanges such as Binance and Crypto.com.
Rio de Janeiro – Brazil’s third-largest city by population – will reportedly receive crypto for tax payments, making it the first Brazilian city to embrace payments via digital assets. Commenting on the matter was Binance CEO Changpeng Zhao, who tweeted:
9 days ago, I made a handshake deal with mayor @eduardopaes. Rio De Janeiro will accept crypto for tax payments, and @Binance will open an office in Rio. He's done his part. We are working on ours. https://t.co/HPJONtBfQ8
During his visit to Brazil on March 17, Zhao said Binance was set to acquire several banks and payment processors nationally and also looked forward to expanding its 100-person Brazilian team.
Brazil has been one of the few countries in the South American region to have supported and accelerated the development of proper infrastructure for digital assets nationwide.
Announced on March 26, the cut – the platform’s second this month – reduces flexible returns offered by Crypto.com on popular tokens such as Bitcoin and Ethereum to 0.5 percent from between 1.5 – 2 percent. Returns on larger amounts, particularly stablecoins, have effectively been halved to 4 percent.
The promotional face of Crypto.com, actor Matt Damon.
Crypto.com said the new rates would apply immediately, and that pre-existing deposits will not be affected. In an announcement earlier this month, the platform said its planned rate cuts would come into effect from April 4. This latest interest cut also makes returns offered by Crypto.com lower than those on other major platforms, including Celsius and BlockFi.
Backlash Swift and Considered
Users took to social media to protest the cut, especially as it came without warning. Reddit user u/wyzard135 summed up the overall reactive mood of investors with the following post:
“The backlash [Crypto.com] is facing is well-deserved. Even though its rate cut in this market condition […] is understandable, some transparency and communication [would] go a long way.
“However, can’t help but notice this is exactly what banks do; the past couple of years their interest rates have been plummeting and there’s practically no communication to customers about it. Customers will only see their interest paying continuously shrink, and will have to manually look up interest rates, only to see [them] keep falling.
It pains me to see Crypto.com stooping to this behaviour and I fear not only crypto.com but other crypto exchanges will start behaving like banks, which ironically crypto is trying to replace, once they get big enough with unchecked power.
Reddit user u/wyzard135
Stablecoin Staking Reduced from 12% to 8% on Three-Month Term
The move has also spilled over into the DeFi space, with returns on stablecoin deposits falling to around 12 percent across most platforms, after initially being as high as 20 percent. Some platforms are only offering 8 percent on a three-month term.
Crypto News Australia has published a list of the 10 best crypto staking websites to earn daily returns. At the top of the list is Zipmex Australia, and a guide to investing on the platform can be accessed here.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 49th cryptocurrency globally and the current price is US$2.96. Let’s take a look at the chart below for price analysis:
Early September began a bearish trend for EOS, which dropped 71% before setting a low near $1.86 in late February.
After a several-week accumulation and running stops below the December 2021 swing low, mid-March began a bullish rally that climbed 58% by March 28, reaching the 2022 yearly open.
The old 2021 lows, near $3.27, could mark a resistance area. If this is the start of a larger bullish market cycle, bulls might take their next profits near $4.31 – an inefficient area near November’s breakdown. Another potential resistance is near $5.06, which saw multiple rejections during distribution before November’s breakdown.
An area of old consolidation from $2.95 to $2.57 could provide the next bullish setup before any continuation upward. This area contains the last swing high before late February’s stop run. A drop just below, near $2.34, is also reasonable. This level is near the March monthly open and 40 EMA.
If the bearish trend resumes, bulls might find the next higher-timeframe support between $1.70 and $1.21. This region, especially under $1.42, was inefficiently traded and has not been revisited since 2018.
2. Harmony (ONE)
Harmony ONE is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The network aims to innovate the way decentralised applications work by focusing on random state sharding, which allows creating blocks in seconds. Harmony was expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
ONE Price Analysis
At the time of writing, ONE is ranked the 59th cryptocurrency globally and the current price is US$0.1688. Let’s take a look at the chart below for price analysis:
ONE bulls have had to endure a 71% drop since early January until the price set a low and began a range in late February.
Currently, the price is aggressively moving toward possible resistance, beginning near $0.1711. Stops above the swing high at $0.1735 might be the target before a downwards retracement. Multiple old lows mark this resistance, which is near the 78.6% retracement level of a recent significant bearish swing.
If the price continues through this high, it could be reaching for an inefficient area near $0.1972. Moving to this level would run bears’ stops above the swing high at the same level. A more substantial rally might reach an old swing high and inefficiently traded area between $0.2275 and $0.2538, which surrounds the 2022 yearly open.
If the price stays above Monday’s low of $0.1595, this price could support a run above the $0.1735 swing high. Just below, at $0.1554, bulls might eye the consolidation high as more substantial support. This zone contains the 9 and 40 EMAs.
A deeper retracement might retest the accumulation area between $0.1425 and $0.1280. If this level breaks, bears may be targeting an inefficiently traded area on higher timeframes beginning near $0.0980. This area overlaps the 27% extension of a recent significant bearish swing.
3. Wax (WAXP)
WAXP is a purpose-built blockchain, released in 2017, that is designed to make e-commerce transactions faster, simpler and safer for every party involved. The WAX blockchain uses delegated proof-of-stake (DPoS) as its consensus mechanism. It is fully compatible with EOS. The custom features and the incentive mechanisms developed by WAX are intended to optimise the blockchain’s utility specifically for use in e-commerce, with the goal of encouraging voting on proposals.
WAX Price Analysis
At the time of writing, WAX is ranked the 114th cryptocurrency globally and the current price is US$0.3528. Let’s take a look at the chart below for price analysis:
WAX finished its 76% retracement from November’s euphoric high to January’s low as it found support between $0.2712 and $0.2417.
This level could provide support again, although bulls anticipating continuation might watch for closer setups in possible support between $0.3403 and $0.2960. This region marks the high of an accumulation range on higher timeframes, and its low end contains the added confluence of the 9, 18 and 40 EMAs and the March open.
The swing high and small inefficiently traded area near $0.3834 could be the first target of this rally. Continuation through this level might reach resistance near the low of the late December consolidation range and 2022 yearly open, near $0.4230. A more sustained rally will likely run for the relatively equal highs around $0.5268.
If the bearish trend resumes, bears may take profits – although the price could continue lower – between $0.2188 and $0.1723. This level is below multiple old swing lows, an appealing target for bears, and contains the last accumulation area before August’s explosive rally to new all-time highs.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 70th cryptocurrency globally and the current price is US$0.1134. Let’s take a look at the chart below for price analysis:
ZIL‘s 60% drop during Q1 found a low near $0.04138 before closing over a weekly high around $0.09872.
This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1237. A sustained bullish move may target the swing high at $0.1364. If this stop run occurs, a run beyond the high into probable resistance near $0.1588 and $0.1645 is possible.
Bulls could buy a retracement to possible support near $0.1058, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09536.
However, relatively equal lows near $0.08934 and $0.08824 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.08615 and $0.08566.
2. Siacoin (SC)
Siacoin SC is the native utility token of Sia, a blockchain-based distributed, decentralised cloud storage platform. Sia acts as a secure, trustless marketplace for cloud storage in which users can lease access to their unused storage space. Agreements and transactions are enforced with smart contracts, and Siacoin is the medium of exchange for paying for storage on the network. The main goal of the project is to become the “backbone storage layer of the internet”.
SC Price Analysis
At the time of writing, SC is ranked the 120th cryptocurrency globally and the current price is US$0.01177. Let’s take a look at the chart below for price analysis:
After a 70% decline from December, SC has ranged between $0.008723 and $0.01165.
The recent rally is approaching probable resistance near $0.01290 but could be aiming for stops above the relatively equal highs near $0.01430. Continuation of the bullish move could target the daily gap near $0.01624.
Aggressive bulls might add to positions near $0.01130 and $0.01094. Price action near $0.01012 may be more likely to provide support – if the price reaches it – during any retracements.
Relatively equal lows clustered around $0.009743 seem likely to be swept if the bearish trend resumes. If this move occurs, the price might find support at the significant higher-timeframe level near $0.009375.
3. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche. AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 10th cryptocurrency globally and the current price is US$86.06. Let’s take a look at the chart below for price analysis:
AVAX‘s 55% gains in February ended with an almost 25% retracement as the rest of the altcoin market dropped during early March. Bulls stepped in near the 51.8% retracement of Q4’s move, creating a consolidation that ended with last week’s bullish impulse to resistance near $89.35.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $70.15 to $67.45 could see interest from bulls before further expansion. If this level fails, bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 65% retracement, at $63.74, and potentially lower to a higher-timeframe support zone between $58.42 and $55.73.
If the higher-timeframe bullish trend resumes and the current resistance near $97.35 breaks, the wicks near $109.84 and the new monthly highs might see profit-taking.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Following the lead of Manchester City, Barcelona and Paris Saint Germain, Liverpool is the latest major football club to launch its own collection of non-fungible tokens (NFTs).
The LFC Heroes Club – launched in partnership with Sotheby’s Metaverse – features generative imagery of each of its 24 players in what the club says is an “innovative way to celebrate being an LFC fan from anywhere in the world”.
Better Reds than dead: LFC Heroes Club NFT. Source: liverpoolfc.com
‘Lower’ Price Points From $75 Per NFT
The collection will also feature 24 “Legendary” one-of-one editions, one for each player, to be auctioned off individually on March 30. The remaining NFTs will be sold at lower price points (from US$75) in a move the club hopes will make them accessible to its broader fan base.
The LFC collectibles will be available to purchase across a three-day sale window from Wednesday, March 30 to Friday, April 1. Half of the proceeds will go to the LFC Foundation, in addition to 10 percent from the ‘Heroes’ sale and all future resale royalties.
Backlash Begins Within Minutes
Within minutes of the NFT news breaking, however, disgruntled Liverpool supporters took to Twitter to air their misgivings:
Liverpool have spent a long time assessing external sentiment around NFTs in recent months and were warned about potential harms to investors/the environment but proceeded anyway. Presumably the financial gain outweighs any backlash as far as they’re concerned. https://t.co/zQzvghlKds
Liverpool are testing the waters on crypto/NFTs, asking fans about their familiarity, feelings, and to what extent a charitable contribution would offset any ill feelings towards them. These are my opinions I shared with the club🧵 pic.twitter.com/N6L9WgurZj
Liverpool have gamed the system pretty hard and I don't really blame them. Now if you'll excuse me, I have some weird looking monkey NFTs to sell to the EFL for an obscene amount of money.
A new Web3 token, MINA, has soared over 75 percent this week following a US$92 million investment and a recent listing on one of the world’s largest crypto exchanges, Coinbase.
New Asset: Coinbase will add support for Mina (MINA). Inbound transfers for this asset are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading will begin on or after 9AM PT on Thurs March 24, if liquidity conditions are met. pic.twitter.com/JPzdE1mYdV
Self-described as the world’s lightest blockchain with a fixed size of 22 KB, the Mina Protocol is a fast-growing platform for zero-knowledge smart contract development.
The protocol’s native token, MINA, has been recovering from a sharp price drop of over 70 percent from its all-time high of US$6.71 in November 2021. The cryptocurrency now hovers at $2.49 per coin, boosted by bullish sentiment after the protocol sold $92 million worth of MINA tokens to Three Arrow Capital and FTX Ventures.
MINA daily chart. Source: TradingView
The Coinbase Effect
What further boosted MINA’s price was Coinbase’s support for the token, as per an announcement on March 23. Trading will be paired with Tether (USDT), once liquidity conditions are met.
New Asset: Coinbase will add support for Mina (MINA). Inbound transfers for this asset are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading will begin on or after 9AM PT on Thurs March 24, if liquidity conditions are met. pic.twitter.com/JPzdE1mYdV
As Coinbase is one of the largest crypto exchanges internationally by trading volume, a listing surely adds massive value to any cryptocurrency project. In January this year, real estate smart contract token Propy soared 227 percent after being listed on the exchange.
