The impact of the Coinbase list! | Author: Dwayne D’cunha | The Capital | June 2021
After rebranding in May 2016, Coinbase Exchange was called GDAX (Global Digital Asset Exchange) two months before adding retail support for Ether. In the second year, it obtained a license to trade Etereum and Litecoin and list Bitcoin Cash. Due to irregular prices, this prompted an investigation into the company.
As Coinbase began to delve into the field of altcoins, an interesting point was noticed. Cryptocurrencies began to soar shortly after they were listed on the exchange. At first it seemed like a coincidence, but after the announcement of the listing on Coinbase Pro on March 16, Cardano rose by 18%, which was verified. On the day before Coinbase was listed on the Nasdaq in April 2021, Bitcoin and Ethereum experienced similar price surges. This strange coincidence is called the “Coinbase effect.” It is not clear what is the driving factor of this particular phenomenon, but it is definitely related to Coinbase.