Crypto market mixed but exchange tokens gain ahead of Coinbase listing
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Bitcoin and Ethereum have dipped but a number of other cryptocurrencies are flying this afternoon in the buildup to next week’s Coinbase listing.
VeChain, Solana, the Celsius Network, Helium, Tezos and Decred had all hit all-time highs in the past 24 hours, but the gains were far from across the board.
Of the top 100 coins on Coingecko, 51 had gained ground while 49 had lost it.
Bitcoin and Eth were both down slightly, with BTC trading at just over $US58,000 ($75,000) and Ether just under $US2,100 ($2,750).
The Crypto Fear & Greed index had dipped to a 72, indicating “greed” but down from the “extreme greed” exhibited both last week and last month.
Many crypto fans were looking ahead to the April 14 direct listing of Coinbase onto the NASDAQ, in a move that bypasses a traditional initial public offering.
Imagine Coinbase directly listing 114.9 million shares to the NASDAQ won’t happen in tandem with an avalanche of bullish news relating to bitcoin and crypto in general
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) April 6, 2021
Coinbase will be the first cryptocurrency exchange to be publicly traded — but a number of other exchanges have their own tokens, many of which were doing well this afternoon.
Binance Coin was up 6.4 per cent to $US413; Bitfinex’s LEO Token was up 4.3 per cent to $US2.09; and the FTX derivative exchange’s FTT token was up 4.4 per cent to $US46.34.
Buying exchange tokens like BNB, FTT, etc in the run up of the Coinbase listing is one of those smooth brain plays that’s so simple and so smooth brain that it works
— Rob Paone (@crypto_bobby) April 6, 2021
Is the easiest no brain trade just buy tons of exchange coins into the Coinbase IPO listing? This things is going to come out so much higher than anyone can imagine with the public market liquidity.
— Keyboard Monkey (@KeyboardMonkey3) April 6, 2021