Announcements of cryptocurrency listings by Coinbase (COIN) can have significant effects on the overall cryptocurrency market. Analytical firm LAYER.GG has published an analysis highlighting the relationship between COIN stock and Bitcoin (BTC) price.
When examining the relationship between COIN and BTC price movements, it is observed that Bitcoin’s price fluctuations affect Coinbase’s market performance and there is a significant correlation between these two assets.
When analyzing the impact of newly added assets to Coinbase’s platform on market performance, notable increases in Coinbase stock are observed with the listings of altcoins such as BIGTIME and TIA.
As Coinbase continues its strategic expansion by adding support for Polygon and Bitcoin Cash perpetual futures contracts on its international exchange, LAYER.GG predicts that Coinbase will make more listings as regulatory uncertainties decrease.
With expectations of further additions to its platform as Coinbase complies with regulatory environment, each new listing announcement causes significant market movements and is referred to as the “hamburger money,” indicating the anticipated return of funds to the crypto market.