Ethereum Token BAT Crashes Nearly 20% after Coinbase.com Listing

Neutral Ethereum Token BAT Crashes Nearly 20% after Coinbase.com Listing

Ethereum token BAT rode the "Coinbase bounce" to a four-month high, but on Friday the cryptocurrency's price fell back toward earth with a resounding thud.

Ethereum Token BAT Leads Market Pullback

The crypto market as a whole traded down heading into the weekend, with valuations collectively dropping by $6 billion over a 48-hour period. However, no large- or mid-cap cryptocurrency was hit as hard as Basic Attention Token (BAT), the native asset of Brave 's digital advertising ecosystem.

BAT, which runs on Ethereum as an ERC-20 token, fell more than 18 percent for the day. The majority of that movement occurred late last night, shortly after the BAT price peaked at $0.39 on Binance. The token has shed nearly one-quarter of its value since then and is currently priced just below $0.30, which translates into a market cap of $298 million.

BAT Takes a Hit after Coinbase Hype-Cycle Ends

Friday's pullback, while not entirely reversing the gains BAT had made this month, nevertheless represented a marked reversal of fortune for the cryptocurrency.

BAT's early November rally appears to have been virtually entirely connected to the token's listing on Coinbase, which took place over several steps that saw BAT gradually integrated into the cryptocurrency trading giant's various platforms.

Initially, BAT was listed on Coinbase Pro, the firm's order-book cryptocurrency exchange. About one week later, after the exchange had developed a liquid trading market, BAT was listed on Coinbase.com, the brokerage service through which a significant percentage of cryptocurrency investors make their first crypto purchase.

That final listing occurred yesterday, bringing an end to the speculative hype cycle that inevitably surrounds a cryptocurrency's price when it is listed on Coinbase - or supporters believe that it will be. BAT investors, it seems, bought the rumor and sold the news.

Featured Image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Who is Buying Bitcoin? Take the survey here and help us with our study.

11/09/2018 / 18:50:52 Source: ccn

BTC
1 BTC=$5,551.65
XRP
1 XRP=$0.4808
ETH
1 ETH=$174.04
XUC
1 XUC=$3.49
BCH
1 BCH=$327.61
EOS
1 EOS=$4.58

News Feed 50

Newsbtc Negative - Are You Bothered by Shallow Project Reviews? read more.
11/17/2018 / 13:00:44
Bitcoinist Neutral - Nvidia Enters a Nosedive After an Underwhelming Third Quarter read more.
11/17/2018 / 13:00:15
Blokt Neutral - KOIN, an ETF That Tracks Blockchain Innovation, Now Holds Over $10 Million in Assets Under Management read more.
11/17/2018 / 12:59:34
Cryptoglobe Neutral - Ron Paul Twitter Poll Suggests Long-Term Bitcoin Investment Interest read more.
11/17/2018 / 12:45:58
Themerkle Neutral - BCHABC Price Loses Ground as Client Update Triggers Backlash read more.
11/17/2018 / 12:44:05
Blokt Neutral - Stellar [XLM]: Possible Ascending Triangle? read more.
11/17/2018 / 12:29:59
Ccn Neutral - Industrial-Scale Adoption of Blockchain Likely in 1-2 Years, Says CEO of Russia’s Largest Bank read more.
11/17/2018 / 12:15:52
Cryptoglobe Neutral - #EOS Long-term Price Analysis read more.
11/17/2018 / 12:15:34
Newsbtc Neutral - Crypto Experts Slash Bitcoin Price Predictions: Fact is, No One Knows read more.
11/17/2018 / 12:00:04
Blokt Neutral - IOTA’s Serguei Popov Introduces the IOTA Research Council read more.
11/17/2018 / 11:59:52
Ccn Neutral - Australia: Bitcoin Trumps iTunes Vouchers as Preferred Payments for Tax Scammers read more.
11/17/2018 / 11:50:52
Cryptoglobe Neutral - Bitcoin’s Lightning Network Surpasses $1 Million Capacity, 14,000 Payment Channels read more.
11/17/2018 / 11:30:53
Livebitcoinnews Neutral - Home Crypto Miner Launched by Coinbase-Backed Start-Up at $799 read more.
11/17/2018 / 11:00:53
Coindesk Neutral - Stablecoin Purchases Surged Amid Wednesday’s Crypto Market Drop read more.
11/17/2018 / 11:00:19
Coinnounce Neutral - Cryptocurrency Mining getting too expensive read more.
11/17/2018 / 10:56:57
Cryptoglobe Neutral - #Ethereum (ETH) Long-term Price Analysis read more.
11/17/2018 / 10:45:06
Newsbtc Neutral - Tom Lee’s Big Bitcoin Price Prediction Dropped to $15,000 read more.
11/17/2018 / 10:30:40
Coindesk Neutral - Tutorial: How to Use CoinDesk’s Crypto-Economics Explorer read more.
11/17/2018 / 10:30:33
Ccn Neutral - Oxfam Formally Launches Blockchain Platform for Rice Farmers in Cambodia read more.
11/17/2018 / 10:27:59
Themerkle Negative - Ethereum Price Watch: Ongoing Market Slump Sees Currency Slide Down to the $175 Mark read more.
11/17/2018 / 10:10:03
Bitcoinist Neutral - Off-The-Grid Bitcoin Transactions Now a Reality read more.
11/17/2018 / 10:00:23
Cryptoglobe Neutral - Both Bitcoin Cash Sides In Heavy Losses, As Mining Costs Rise, Asset Values Fall read more.
11/17/2018 / 10:00:04
Themerkle Negative - Bitcoin Cash Price Gets Skewed due to Exchange Trickery read more.
11/17/2018 / 09:55:37
Bitcoin.Com Neutral - Estonia Issues Over 900 Licenses to Cryptocurrency Businesses read more.
11/17/2018 / 09:15:28
Coinnounce Neutral - Spanked by the SEC: Paragon and Airfox ICO read more.
11/17/2018 / 09:06:16
Newsbtc Negative - Crypto Markets Slide Further With Over $30 Billion Dumped Since Last Weekend read more.
11/17/2018 / 09:00:46
Themerkle Neutral - Electroneum Price Rise can Push Altcoin Into Market Cap top 50 read more.
11/17/2018 / 08:48:53
Cryptoglobe Neutral - Pantera Capital CEO on Outlook for Crypto: ‘Bitcoin Is a Serial Killer’ read more.
11/17/2018 / 08:30:45
Coinnounce Neutral - #Bitcoin Price Analysis: Will BTC Rise Again? read more.
11/17/2018 / 08:12:13
Ccn Neutral - Another $4 Billion Drop: Crypto Market Downtrend Continues as Bitcoin Cash Falls read more.
11/17/2018 / 08:08:09
Livebitcoinnews Negative - REcoin ICO Scammer Pleads Guilty in Court read more.
11/17/2018 / 08:00:56
Cryptonewsreview Negative - The first case of ICO fraud in the US has pleaded guilty read more.
11/17/2018 / 06:45:30
Cryptonewsreview Neutral - Airfox joins Paragon in SEC ICO lawsuit read more.
11/17/2018 / 06:15:05
Cryptoglobe Neutral - Coingeek Claims Crippling Bitmain Debt From Anonymous Sources, Despite Having an Agenda read more.
11/17/2018 / 06:00:14
Cryptonewsreview Neutral - Binance warns its Iranian users to withdraw assets immediately following US sanctions read more.
11/17/2018 / 05:35:13
Livebitcoinnews Neutral - Cryptocurrency Miners in this U.S. County Could Soon be Facing Higher Electricity Bills read more.
11/17/2018 / 05:00:43
Cryptonewsreview Neutral - Modifi is a new digital trading platform for small-medium businesses read more.
11/17/2018 / 05:00:23
Cryptoglobe Neutral - Crypto-Related Inquiries Declined in Japan, Financial Regulator Reveals read more.
11/17/2018 / 05:00:09
Bitcoin.Com Neutral - A Brief Introduction to Voluntaryism for Crypto Neophytes read more.
11/17/2018 / 04:30:19
Cryptoglobe Neutral - DASH Sent Three Million Transactions in a One-Day Stress Test read more.
11/17/2018 / 04:03:39
Bitcoinist Neutral - #Bitcoin Price Analysis: Will Bitcoin Bite Back? read more.
11/17/2018 / 04:00:24
Livebitcoinnews Neutral - UK Needs to Take Lead on Crypto to Stay Ahead of Curve, Says eToro’s Iqbal Gandham read more.
11/17/2018 / 03:00:55
Cryptoglobe Neutral - Premium Airline Surfair Is Now Accepting Bitcoin & Litecoin for Their Fundraising Campaign read more.
11/17/2018 / 03:00:00
Ccn Neutral - Bear Effect: SEC Crypto Crackdown Precedes 48% Drop in ICO Funding read more.
11/17/2018 / 02:40:26
Bitcoin.Com Neutral - Free Keene Activists Launch Bitcoin Embassy New Hampshire read more.
11/17/2018 / 02:30:20
Cointelegraph Neutral - West Virginia Secretary of State Reports Successful Blockchain Voting in 2018 Midterm Elections read more.
11/17/2018 / 02:25:00
Cryptoglobe Neutral - Cryptocurrency Payments Give Sexual Assault Survivor Anonymous Way to Crowfund read more.
11/17/2018 / 02:00:24
Ccn Neutral - SEC Takes Down Two Crypto Startups for Illegal ICOs read more.
11/17/2018 / 01:31:24
Livebitcoinnews Neutral - Distributed Ledger Technology is an Option for Cross-border Payments According to Canada, UK and Singapore read more.
11/17/2018 / 01:00:46
Cryptoglobe Neutral - CDC Token “Killed” By Malicious Members of its Own Team; CEO Loses $2 Million read more.
11/17/2018 / 01:00:00
Negative
3.6%
Neutral
94.9%
Positive
1.3%
Mixed
0.1%

Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.