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Ethereum-Based Altcoin Blasts Into Stratosphere After Unexpected Launch on Crypto Exchange Coinbase

An altcoin designed to power an automated crypto trading platform is skyrocketing after earning support from the top US crypto exchange, Coinbase. The Ethereum-based crypto asset Kryll (KRL) just shot from a 24-hour low of $1.02 to a high of $1.82 as it became clear that the coin will be listed on Coinbase Pro. That’s […]

The post Ethereum-Based Altcoin Blasts Into Stratosphere After Unexpected Launch on Crypto Exchange Coinbase appeared first on The Daily Hodl.

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Kryll (KRL), LCX (LCX) SUKU (SUKU) and OriginTrail (TRAC) are launching on Coinbase Pro

Starting Today, Wednesday October 27, transfer KRL, LCX, SUKU and TRAC into your Coinbase Pro account ahead of trading. Support for KRL, LCX, SUKU and TRAC will generally be available in Coinbase’s supported jurisdictions with certain exceptions as indicated in each asset page here. Trading will begin on or after 9AM Pacific Time (PT) Thursday October 28, if liquidity conditions are met.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Assemble Protocol (ASM), ARPA Chain (ARPA), Bounce (AUCTION), Perpetual Protocol (PERP), BadgerDAO (BADGER), Rarible (RARI), Function X (FX), Jasmy (JASMY), Wrapped Centrifuge (WCFG), Avalanche (AVAX), Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT) XYO Network (XYO), and DerivaDAO (DDX).

Starting Today, Wednesday October 27 we will begin accepting inbound transfers of KRL, LCX, SUKU and TRAC to Coinbase Pro. Trading will begin on or after 9AM Pacific Time (PT) Thursday October 28, if liquidity conditions are met.

Once sufficient supply of KRL, LCX, SUKU and TRAC is established on the platform, trading on our KRL-USD, KRL-USDT, KRL-EUR, LCX-USD, LCX-USDT, LCX-EUR, SUKU-USD, SUKU-USDT, SUKU-EUR, TRAC-USD, TRAC-USDT and TRAC-EUR order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Kryll (KRL) is an Ethereum token that powers Kryll, a platform for automated trading strategies. Kryll users can browse, create, and backtest trading strategies while using KRL to pay for their activity on the platform.

LCX (LCX) is an Ethereum token used to pay for fees on LCX Exchange, a centralized exchange for security tokens, token sales, and cryptocurrencies. LCX is also used to power other LCX products such as the LCX Terminal, which lets users trade across multiple exchanges, and the DeFi Terminal, which offers advanced charting and limit orders built on top of Uniswap.

SUKU (SUKU) is an Ethereum token that powers the SUKU Platform, a blockchain-based ecosystem that aims to make supply chains more transparent. SUKU tokens can be used for platform governance and to reward users and SUKU node operators. SUKU Platform is also developing applications for DeFi lending and NFT marketplaces.

OriginTrail (TRAC) is an Ethereum token that powers OriginTrail, which describes itself as a “decentralized knowledge graph.” OriginTrail is used to discover, manage, and store data for everything from supply chain tracking to verifying art, diplomas, and business certifications. TRAC token is used to pay for data processing and storage on the network.

KRL, LCX, SUKU and TRAC are not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading KRL, LCX, SUKU and TRAC on Coinbase Pro, visit our support page.

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Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.
This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Kryll (KRL), LCX (LCX) SUKU (SUKU) and OriginTrail (TRAC) are launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Citi’s bullish Coinbase target: ‘Buy crypto’s general store’

Multinational investment bank thinks Coinbase stock is worth 30% more than its current price.

Financial services multinational Citi initiated coverage of U.S. crypto exchange Coinbase’s stock this week with a very bullish price target.

Citi analyst Peter Christiansen told investors that they could “buy crypto’s general store,” in a research note published on Tuesday, Oct. 26. Citi has given COIN a bullish price target of $415 which is substantially higher than Monday’s closing price of $319.

The analyst stated that the stock offers investors “direct exposure to increased retail and institutional adoption of cryptocurrencies.”

The multinational banking giant sees the potential in Coinbase as the company makes continued efforts to expand its operations beyond just a crypto exchange and into other areas such as NFTs and cold wallet storage.

The company accrued more than a million applications for its NFT platform waiting list within a day or so of its announcement on Oct. 13. Christiansen recommended the company, “for its position within the crypto value chain, a ‘networking-based’ business model and strategy, the undeniably very large opportunity set … yes, we believe COIN is investable.”

He also considers Coinbase’s “lean forward approach to regulatory compliance” a competitive advantage.

“To a degree, we think rising regulations could be a positive for Coinbase’s competitive positioning, particularly versus business models that predominantly rely on markets being unregulated.”

Christiansen added that the stock is in place to make “higher highs and higher lows” as crypto asset adoption increases. U.S. investment bank Piper Sandler also raised their target price for the stock to $360.

Not every analyst is on board with JPMorgan's Kenneth Worthington raising his price target on COIN only slightly to $375 from $372. However Lisa Ellis, senior Equity Analyst at MoffettNathanson said COIN was a "must-own stock" that could go to $600 in light of its recent partnership with Facebook on its Novi crypto wallet.

Coinbase went public in April with an opening IPO price of $381, it surged to a peak of $430 on the day before retreating. COIN hit a monthly high of $326 on Monday this week but has fallen 4.3% since to an after-hours trading price of $312 according to MarketWatch.

Related: Reports suggest that a mainstream tech giant holds shares of Coinbase stock

Shortly after it was listed, reports emerged that Coinbase insiders and executives had begun dumping the stock. The company made around $1.6 billion in profit in Q2, a large portion of that coming from its higher than industry average transaction fees. The Q3 report comes out on November 9.

In August, CNBC ‘Mad Money’ host Jim Cramer recommended Coinbase stock suggesting investors allocate 5% of their portfolios to crypto assets.

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Coinbase CEO Says SEC v Ripple Case ‘Going Better Than Expected’ — Investors Hopeful XRP Will Be Relisted Soon

Coinbase CEO Says SEC v Ripple Case ‘Going Better Than Expected’ — Investors Hopeful XRP Will Be Relisted SoonCoinbase CEO Brian Armstrong says the SEC v. Ripple case “seems to be going better than expected.” He added that the U.S. Securities and Exchange Commission “is realizing that attacking crypto is politically unpopular.” Coinbase’s CEO on the Ripple Lawsuit, SEC Attacking Crypto The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, Brian Armstrong, commented on […]

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Security PSA: Airdrop Phishing Campaign

By Coinbase Security Team

As a part of our mission to build a safe and open financial system, we actively monitor for any security threats not only to Coinbase but to the crypto ecosystem as a whole. As we have discussed in our previous blog post on industry-wide crypto security threats, malicious threats against any crypto user or business are bad for the industry. With this community mindset, we do our best to inform and to defend our community from bad actors.

Over the past month, Coinbase Threat Intelligence, Special Investigations, and Global Intelligence teams have been tracking an ongoing phishing campaign on Ethereum, Polygon, Binance Smart Chain, and other EVM-compatible platforms which has unfortunately resulted in the theft of more than $15M in various crypto assets to date. The phishing campaign does not affect customers who custody funds on Coinbase.com. However, anyone who uses self-custody wallets (e.g. Coinbase Wallet, Metamask, etc.) may be at risk.

The campaign works by airdropping fictitious coins into victim wallets and enticing them to visit specially-crafted malicious websites. Below is an example of one such coin:

Source: Polygonscan

When users attempt to interact with the airdropped tokens such as transferring them to a Decentralized Exchange (DEX), they are presented with an error message encouraging them to visit a malicious phishing website:

Source: Polygonscan

The website presents users with a Decentralized Application (DApp) interface supposedly meant to connect their wallets and approve trading of the airdrop tokens. However, when users approve any transactions on the phishing website, in reality they are unknowingly approving a transfer of their personal tokens to the scammers.

Source: Phishing Site

The scammers change airdrop token names and phishing websites frequently to evade blocklists; however, they still use the same tactics to steal tokens using fake airdrops and malicious Dapps. Nevertheless, you can take the following security steps to defend your assets:

  • Be wary of airdrop tokens received from an unknown source. It is highly likely these unsolicited tokens are part of a phishing campaign.
  • Do not visit or connect self-custody wallets to any websites advertised by airdropped tokens through error messages, token names, or other methods.
  • Do not interact with airdropped tokens (e.g. approving, transferring, swapping, etc.). As annoying as it sounds, it’s best to just leave them sitting in your wallet.
  • Do not hold high value assets in the same wallet used to regularly interact with Dapps. Use cold storage or custodial solutions such freely available Coinbase Vault or Custody.

Coinbase is working with industry partners to help limit the damage caused by the scam and we are planning to publish a more detailed analysis of the campaign in the near future.


Security PSA: Airdrop Phishing Campaign was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Is excessive bullish optimism behind Bitcoin’s drop below $60K?

Bitcoin’s futures premium hit its highest level in 5 months, but was this the primary reason for BTC’s fall below $60,000?

Bitcoin (BTC) has a long history of forming local tops when events that are anticipated by the market occur. The recent Bitcoin exchange-traded fund (ETF) launch on Oct. 19 was no different and led to a 53% monthly rally to an all-time high at $67,000.

Now that the price has briefly fallen below $60,000, investors are attempting to understand if the 10% correction was a healthy short-term profit taking or the end of the bull run. To determine this, traders need to analyze BTC's previous price activity to evaluate the possible similarities.

Bitcoin price in USD. Source: TradingView

The chart above depicts the day of a New York Times headline announcing that "Bitcoin gets cautious nod from China's central bank" in November 2013. At the time, Yi Gang, the deputy governor of the People's Bank of China (POBC), said that people could freely participate in Bitcoin's market. He even mentioned a personal view that suggested a constructive long-term perspective on digital currency.

It's also worth mentioning that this favorable media coverage on Chinese state-run television aired on Oct. 28, and it showed the world's first Bitcoin ATM in Vancouver.

Bearish events can also be anticipated

Bearish examples can also be found throughout Bitcoin's 12-year price action. For example, the April 2014 Chinese ban marked a 5-month price bottom.

Bitcoin price in USD. Source: TradingView

On April 10, 2014, Huobi and BTC Trade, the two of China's largest exchanges, said their trading accounts at certain domestic banks would be closed within one week. Once again, rumors had been circulating since March 2014, and this was fueled by a note on the Chinese news outlet Caixin.

More recent events included the CBOE Bitcoin futures launch on Dec. 19, 2017, which preceded the infamous $20,000 all-time high by one day. Another event that marked a local top was the Coinbase IPO on Nasdaq when Bitcoin price reached $64,900. Both events are signaled on the following chart:

Bitcoin price at Coinbase in USD. Source: TradingView

Notice how all of the above events were largely anticipated, even though some did not have a precise announcement date. For example, Bitcoin's futures-based ETF's Oct. 19 initial trading session was preceded by SEC's Chair Gary Gensler's statement on Aug. 3 that the regulator would be open to accepting a BTC ETF application using CME derivatives instruments.

It's possible that investors had previously positioned themselves ahead of the ProShares Bitcoin Strategy ETF launch and a look at BTC's derivatives markets could possibly provide more insight into this.

The futures premium was not "exaggerated"

The futures premium, also known as the basis rate, measures the price gap between futures contract prices and the regular spot market. Quarterly futures are the preferred instruments of whales and arbitrage desks. Although it might seem complicated for retail traders due to their settlement date and price difference from spot markets, their most significant advantage is the lack of a fluctuating funding rate.

Some analysts have pointed to the "return of the contango" after the bais rate reached 17%,which was the highest level in 5 months.

In a normal situation, futures markets of any kind (soy, S&P 500, WTIl) will trade at a slightly higher price versus the regular spot market. That happens mainly because the investor needs to wait until the contract expires to collect his payout, so there's an opportunity cost embedded, and this causes the premium.

Bitcoin 3-month futures annualized premium. Source: laevitas.ch

Let's assume one does arbitrage trades, aiming to maximize the funds held in USD. This trader could buy a stablecoin and get a 12% annualized yield using decentralized finance (DeFi) or centralized crypto lending services. A 12% premium on the Bitcoin futures market should be deemed a 'neutral' rate for a market maker.

Excluding the short-lived 20% peak on Oct. 21, the basis rate remained below 17% after a 50% rally month-to-date. As a comparison, on the eve of Coinbase's stock launch, the futures premium skyrocketed to 49%. Therefore, those naming the current scenario as somehow excessively optimistic are just wrong.

Liquidation risks were also not "imminent"

Whenever buyers are overconfident and accept a steep premium for leverage using futures contracts, a 10% to 15% price drop could trigger cascading liquidations. However, the mere presence of a 40% or higher annualized premium does not necessarily translate to an imminent crash risk because buyers can add margin to keep their positions open.

As the main derivatives metric shows, a 10% drop from the $67,000 all-time high on Oct. 20 was not enough to cause any sign of worry from professional traders as the basis rate stood at a healthy 12% level.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Coinbase Launches Support for Low-Cap Altcoin on Retail Trading Platform

A low-cap altcoin that has surged by more than 160% this week is now available across Coinbase’s full retail platform. The top US crypto exchange listed Assembly Protocol (ASM) on Coinbase Pro earlier this week and now allows customers to trade, send and receive the crypto asset on the firm’s retail platform Coinbase.com and its […]

The post Coinbase Launches Support for Low-Cap Altcoin on Retail Trading Platform appeared first on The Daily Hodl.

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Wall Street jinx? Traders weight ‘sell the news’ potential after Bitcoin ETF launch

The previous big launches of Bitcoin-related products on Wall Street were followed by multi-month price slumps.

Wall Street opened its doors for the first Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 19, with the listing of ProShares Bitcoin Strategy (BITO) on the New York Stock Exchange. The fund attracted more than $1 billion in trading volume on its first day, while BTC price rallied to a new record high of $67,000.

But the spot gains did not stay for too long with BTC paring some gains going into the weekend.

Bitcoin price corrected by almost 11% from its all-time high to reach levels below $60,000 on Saturday, raising fears about selloffs that typically come after the launch of major crypto derivatives products on Wall Street.

Analysts call for wider BTC correction

Nunya Bizniz, an independent market analyst on Twitter, recalled two of such major events: the listing of the first Bitcoin futures on the Chicago Mercantile Exchange (CME) and the debut of the crypto trading service Coinbase's stock (COIN) on the Nasdaq stock exchange.

Notable Wall Street listings coincided with spot Bitcoin price tops. Source: TradingView

Notably, CME launched its Bitcoin Futures product on Dec. 18, 2017, the date on which Bitcoin rallied towards its then-record high of around $20,000. But the launch also marked the beginning of one of Bitcoin's longest bear cycles, which bottomed around $3,200 twelve months later.

Similarly, the much-celebrated COIN's debut on Wall Street on April 4, 2021, coincided with Bitcoin rallying to a new all-time high around $65,000 just ten days later. Nonetheless, the upside move met a bout of strong selloffs, causing BTC to correct to as low as $28,800.

As a result, the recent ProShares Bitcoin ETF left Bizniz and many other analysts worried about the so-called "buy the rumor, sell the news" correction. For instance, analyst Lark Davis noted that he "wouldn't be surprised" if the Bitcoin price crashes following the ProShares ETF launch just like it did after the CME Bitcoin Futures launch.

Also, Dan Morehead, CEO and co-chief investment officer at Pantera Capital, wrote in a newsletter earlier this month that "he might want to take some chips off the table" ahead of the Bitcoin ETF launch.

Impressive debut for Bitcoin ETF

Despite historic bearishness associated with high-profile Wall Street crypto listings, some analysts believe the Bitcoin ETF's impressive debut would mean result in limited downside moves in the spot BTC market.

Todd Rosenbluth, head of ETF and mutual fund research at CFRA, told the Financial Times that ProShare's $1-billion debut is "a sign of the pent-up demand" among traditional finance companies looking to score a slice of the rising crypto industry.

JPMorgan Chase added that retail traders accounted for only 12-15% of net inflows into BITO on the first two days of trading.

Related: Bitcoin decides fate of $60K as weekly close keeps BTC traders on their toes

That pointed to a significant interest in Bitcoin ETFs among institutions, with cash-marginated Bitcoin Futures open interest rising by up to 79% month-to-date and CME basis going from negative in July to above 16% earlier this week.

Bitcoin futures open interest across all exchanges. Source: ByBt.com

Noelle Acheson, head of market insights at crypto trading firm Genesis, noted that Bitcoin's perpetual futures rolling basis, a metric to gauge the demand for leverage, ticked up but was still only 13.08% compared to mid-April's 34.6%.

High leverage remains a common factor across recent spot BTC market corrections. In other words, the neutral funding rates at the moment suggest that the chance of a big pullback is relatively low.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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