IDEX crypto jumps 60% post Coinbase listing

2 min read | December 08, 2021 08:16 PM AEDT | By Sukriti Nair

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IDEX crypto jumps 60% post Coinbase listing — Image source: © Grafner | Megapixl.com

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Highlights

IDEX was just recently listed on Coinbase, and the price skyrocketed in no time.

Crypto markets rebounded with 7 new Coinbase listings.

Crypto market seems to be enjoying a rebound, the ‘Coinbase effect’ after several cryptocurrencies listed on the American crypto exchange. COVAL, IDEX, MCO2, POLS, FOX, SPELL, and SUPER, listed on Coinbase on Monday and began trading since Tuesday. The listing pushed cryptocurrency prices up.

Prices of IDEX and MCO2 under watch

Following listing on Coinbase, IDEX, witnessed a hefty boost in prices. The decentralised exchange (DEX) crypto token is the latest update after the launch of the protocol’s v3. The price of IDEX reached a daily high of US$0.46 on Tuesday, seeing a surge of around 65% in 24 hours.
Another crypto token that witnessed post listing gains was MCO2, an Ethereum-based token. MCO2 represents the Moss carbon credit project. The token saw a similar price rise, growing to a new all-time high of US$21.68 on Tuesday, trading over 104% that day.
Other major gains were seen in Polygon (MATIC), Avalanche, Terra, Polkadot, and Cardano.

Why were crypto markets rebounding?

The bullish crypto market upturn came after a week’s bad news from Bitcoin prices dipping low.
With 7 new listings on Coinbase, the crypto markets rebounded as all seven assets rose shortly after the listing news broke.
Binance also added trading pairs - AXS/BIDR, ELF/BUSD, IDEX/USDT, POLY/USDT, SOL/BIDR & VIDT/USDT for the new Coinbase listed tokens
Coinbase is a secure online digital currency trading platform, that helps investors convert digital assets to local currency.
Any new introductions on Coinbase-the American exchange tend to shake the crypto markets, termed the Coinbase effect.

Crypto tokens today-

However, in the past 24 hours, the crypto markets have been in the red. Bitcoin, Ethereum and Binance Coin all were trailing down. Tether saw gains along with Polkadot, USD coin and Terra. It is clear that crypto markets are highly volatile, and even the smallest of news seems important.

Also Read: Australian Treasurer Announces Crypto Reform Plan

More from Crypto: CRYPTOCURRENCY ASSETS

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