The largest cryptocurrency exchange, Coinbase, continues to have a significant impact on the market by adding new digital assets to its platform.
Addition of New Tokens on Coinbase
On July 22, Coinbase announced the addition of BankrCoin (BNKR), Jito Staked SOL (JITOSOL), and Metaplex (MPLX) to its roadmap. New assets can be listed on the platform if they meet certain criteria. 'The launch of trading for these assets is contingent on market-making support and sufficient technical infrastructure. We will announce the launch of trading separately once these conditions have been met,' the company clarified.
Price Changes After Listings
Back from one of the largest exchanges usually has a positive effect on the prices of involved tokens due to increased liquidity and accessibility. BNKR and MPLX saw price increases of 27% and 18%, respectively. JITO initially surged but later fell below its starting price. Additionally, Caldera (ERA) saw a sharp spike of 75% after being added to the platform but later declined to around $1.26.
Impact of Delistings on Cryptocurrencies
The situation changes when Coinbase decides to delist cryptocurrencies. In May, Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), and Synapse (SYN) experienced significant price drops following the announcement of the cessation of trading. Such actions highlight the importance of support from major exchanges for the price stability of cryptocurrencies.
Thus, the addition of new tokens on the Coinbase platform significantly impacts their prices, while delistings can lead to sharp declines in the market. This underscores the critical role that major cryptocurrency exchanges play in the price dynamics of digital assets.
