Coinbase has announced its intent to list Across Protocol (ACX) on its exchange, continuing its trend of frequent new asset listings. Despite the recent decline in Bitcoin prices, which dipped below $59,000, Coinbase remains committed to expanding its cryptocurrency offerings. This move aligns with Coinbase’s ambition to become the “Amazon of crypto” by providing a diverse selection of digital assets to its users.
Why is the ACX Listing Significant?
The exchange revealed that users could start transferring ACX assets through the Ethereum network in preparation for trading. Trading for ACX is set to commence on August 21, 2024, provided liquidity conditions are satisfied. The announcement emphasizes the importance of using the correct network to avoid potential loss of funds.
How Will the Market React?
Following the news, ACX Coin saw a significant price increase of 30%. This surge indicates strong investor interest and confidence in the asset. The phased approach to launching the ACX-USD trading pair depends on the establishment of a sufficient supply of ACX, with trading support potentially restricted in certain jurisdictions.
Key Takeaways for Investors
Investors should take note of the key details surrounding ACX’s listing:
- Ensure ACX transfers are made over the Ethereum network to avoid fund loss.
- Trading is set to begin on August 21, 2024, contingent on liquidity conditions.
- Monitor regional restrictions that might affect ACX trading availability.
- Stay informed about the phased rollout of ACX-USD pair trading.
These points are crucial for making informed decisions about ACX investments.
Coinbase’s decision to list ACX amidst market volatility demonstrates its strategic focus on enhancing its cryptocurrency portfolio. This bold move has already sparked notable market activity, as evidenced by the immediate price hike of ACX Coin. Investors should keep an eye on how this addition will influence the broader market dynamics in the coming days.