Despite the halt in cryptocurrency price rise that took place earlier this year, coins remained relatively high-valued, especially when compared to their prices from the start of this year. This has made them attractive to traders and investors, and new listings on cryptocurrency exchanges are continuing as always.
The most recent development of this kind was reported only a couple of days ago when Coinbase Pro announced that it would add a new cryptocurrency — Tezos (XTZ) — to its list of supported assets. The exchange’s professional trading platform’s announcement was followed by a sudden surge of XTZ price, while investors and traders were thrilled to hear the news.
In their blog post, Coinbase Pro officials stated that the launch would take place in four stages. The first one will be transfer-only, followed by post-only, limit-only, and finally, full-trading mode. Each of the phases will be announced by Coinbase Pro via Twitter.
Our XTZ/USD, and XTZ/BTC order books will soon enter transfer-only mode, accepting inbound transfers of XTZ in supported regions. Orders cannot be placed or filled. Order books will be in transfer-only mode for a minimum of 12 hours. https://t.co/PDrccf2Nww
— Coinbase Pro (@CoinbasePro) August 5, 2019
Coinbase is the biggest and most popular cryptocurrency exchange in the United States, as well as one of the biggest and most popular ones around the world. Its Coinbase Pro has an excellent reputation of its own, and its decision to list Tezos had quite positive results.
Tezos (XTZ)’s price sees a major surge
Similar to many other cryptocurrency projects, Tezos uses PoW to offer smart contract and provide protocol upgrades by generating activities of blockchain participants. Following the Coinbase Pro announcement, XTZ price surged from $1 on July 30th to $1.50, today, which is its highest price since June 1st. This is still not Tezos’ highest peak in 2019, as the cryptocurrency previously hit $1.78 in mid-May – but it still is not far off.
Even so, the fact that XTZ followed Bitcoin’s crash in June means that many who held XTZ managed to make a decent profit after the new development. The price soared by 16.4%, and Tezos holders were quick to cash out.
Since Coinbase Pro has a lot more users than most typical exchanges, this was a big deal for both entities. There is a lot more liquidity, which will allow the coin to avoid wild price fluctuations in the future, after the initial surge that came as a result of the hype. This is also not the first time that Tezos got in contact with Coinbase’s ecosystem, as XTZ ended up being among the coins that were accepted for Coinbase Custody service earlier this year, in February.
In the near future, Tezos is likely to receive at least two new trading pairs on Coinbase Pro — BTC/XTZ and USD/XTZ. According to the exchange, XRZ will be available in most jurisdictions where Coinbase itself has a presence in. However, this will not include the state of New York, at least not at first.
For now, however, the cryptocurrency communities are celebrating the new move, and there was a significant increase in the XTZ price and trading volume, as mentioned. At the time of writing, the XTZ price sits at $1.46, after seeing a drop of 1.1% in the past 24 hours. The new drop comes as a correction to a sudden surge that came due to the hype, and the price of Tezos is likely to stabilize itself relatively soon.
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