BAT fell to 28 percent. What is Coinbase?

8 Nov 48-hour period Basic Attention Token (BAT) fell by 28 percent after the listing on Coinbase. A sharp drop althena began on Friday, the chart of the asset has formed a clear downward trend, which still remains in force. It seems that once again we witnessed the work of the principle of “buy the rumor, sell the news”.

Trades on Coinbase

Recall, November 3, Coinbase has officially announced the addition of a BAT trading platform Coinbase Pro, where soon was to begin the bidding Aldona paired with USDC (stablon Coinbase). After six days the team exchange announced the completion of work associated with the integration of BAT.

Today Basic Attention Token (BAT) is supported on Coinbase.com and mobile apps Coinbase. Our clients can buy, sell, receive or store any BAT along with the Bitcoin Cash Bitcoin, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.

Immediately after this, the price of the BAT rolled down from 36 to 29 cents. At the moment of opening of trades the cryptocurrency has already experienced one of the most rapid of thefts over the past months.

So a sharp drop in BAT is illogical on the background of statements of representatives of the exchange in may. We will remind, then in Coinbase said they will not add coins that are not approved by the local financial regulators. The fact of the listing of Basic Token Attention suggests that the Commission on securities and stock exchanges of the United States does not consider this a token of securities.

Image source — CCN

The result — BAT was an example of the classic “buy the rumor, sell the news”. In a bear market traders and investors more interested in short-term profits, so news about the listing on a major trading platform almost always means a dump before bidding.

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