The cryptocurrency market has stepped into green territory again. Bitcoin, the leading crypto, has started to gather strength after the highly anticipated halving event. Altcoins are also generally keeping pace with Bitcoin. In this positive atmosphere, Coinbase, the leading crypto exchange, announced that it will add an altcoin to its list. However, contrary to the general listing news, the token price dropped!
Coinbase announces listing news for KARRAT, token price starts to fall!
As you have been following on Kriptokoin.com, the market is in search of a new excitement. After leaving the Bitcoin halving behind, the market has yet to find a clear direction. Analysts and experts are divided on the direction. However, exchanges continue to work to improve their users’ experience. In this context, the leading crypto exchange announced that it will add a new altcoin to its list.
Coinbase announced that it will make KARRAT (KARRAT) available for trading on its platforms. The exchange will support the token on the Ethereum network. Meanwhile, while exchanges usually announce the timing of trading, Coinbase did not give a specific date for when trading will begin for KARRAT. Meanwhile, the exchange labeled the token as “experimental” due to its potential for volatility. In this context, Coinbase made the following announcement:
Trading will begin later today if liquidity conditions are met. Trading on the KARRAT-USD trading pair will be phased in once there is sufficient supply of this asset. Support for KARRAT may be restricted in some supported jurisdictions. (…) Coinbase will add support for KARRAT with the ‘Experimental’ tag.
The initial impact of this development sent the KARRAT price soaring. However, the token then started to lose altitude. KARRAT initially rose from its intraday level of $0.86 to $0.9364. However, the altcoin price later dropped to $0.8256.
Crypto products saw their second weekly outflow!
There was an outflow of 206 million dollars in crypto investment products. Bitcoin led the losses with a weekly outflow of up to $192 million. Last week, digital asset investment products witnessed a second weekly outflow after investors withdrew $206 million. Trading volumes of these exchange-traded products (ETPs) also declined slightly to $18 billion.
According to a report by asset manager CoinShares, Bitcoin suffered the most significant loss compared to other cryptocurrencies, with outflows reaching $192 million. Despite Bitcoin’s notable outflows, there was little interest in short selling. In addition, short Bitcoin funds also recorded outflows of $0.3 million. In contrast, multi-asset funds saw positive movement with inflows of $9 million.
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