0x (ZRX) Price Jumps On News Of A Coinbase Listing

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Coinbase was brave enough to tease a set of new coins it was ‘considering’ adding. Amongst them was 0z (ZRX), which saw a major jump in value and has since built some heavy momentum.

On Friday, July 13 we saw 0x take a huge price jump stemming from the announcement. It had previously jumped on rumors of such a thing happening.

Coinbase announced its intentions to list 0x (ZRX) and four other digital assets; Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM) and Zcash (ZEC).

0x not yet listed on Coinbase

The announcement made by Coinbase specifically stated that they are exploring the possibilities of adding several new assets to the robust platform.

Although the announcement has been made, 0x and the other digital assets are not officially listed on Coinbase and may not be listed at all.

In fact, Coinbase explicitly stated that there is no guarantee that all five cryptocurrencies would open for trading.

According to the announcement, the reason for this is that these assets require additional exploratory work.

Nonetheless, Coinbase is a for-profit company and will likely add a variety of coins and tokens throughout the year as previously announced.

0x may only be available in certain jurisdictions

0x and the contenders being considered are built on unique platforms with potentially more complex architecture.

Any frictions with regulators or Coinbase engineers (complex integration issues) can negatively influence whether the coin/token gets listed or not.

However, they mentioned that work is currently ongoing with local banks and regulators to make them available in as many jurisdictions as possible. The official announcement stated;

“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”

The announcement made by Coinbase to list 0x and four other digital assets was welcomed by the cryptoverse. The result of the announcement were price spikes, particularly in recorded in 0x and BAT.

0x (ZRX) Price Surge and Current Price

Despite the emphasis, the announcement made by Coinbase didn’t stop the upward movement of the token.

0x (ZRX) Price Jumps On News Of A Coinbase Listing

News has been long-awaited by members of the 0x community, hence the spike in value was expected to happen upon such an announcement.

Despite the crypto market lacking much enthusiasm up until this morning, the price of 0x was up by over 25% within the first 24 hours of the Coinbase announcement.

With the hike, the value of ZEX tokens reached a high of $1.0 on July 13. ZRX closed yesterday and opened for trade today on a strong note.

Despite remaining in the green, the gains recorded by ZRX as not as bullish as yesterday. As at the time of this writing, ZRX was exchanging hands around $1.17.

Thanks to a spike in value yesterday, 0x ranks as the 23rd largest cryptocurrency with an estimated market capitalization of USD $623.84 million.

Takeaway

Coinbase has announced its intentions to expand its crypto base, however, legal analysis of 0x and others are currently ongoing (as stated by Coinbase).

In the end, the development of the regulatory front would determine whether 0x (ZRX) makes it into one of the world’s largest exchange platforms.

Should it get listed, HODLers can expect an inflow of capital and increased liquidity.

Further, coins that are particularly exposed to Asian markets may see larger spikes as they become exposed to the large base of American crypto users Coinbase has.

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