0x Surges 30% after Coinbase Listing, Which Crypto is Next?

0x (ZRX), better known as the 0x protocol, experienced a 30 percent increase in value within mere minutes after Coinbase, the world’s largest crypto brokerage, officially integrated ZRX.

In an official announcement, Dan Romero, Coinbase vice president and Coinbase Consumer general manager, wrote:

“Starting today, Coinbase supports ZRX at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZRX, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. ZRX will be available for customers in most jurisdictions, but will not initially be available for residents of the United Kingdom or the state of New York.”

Approval From Regulators

ZRX/USD | Binance

The integration of 0x by Coinbase, an exchange that focuses on compliance and security alongside Gemini, demonstrated the approval of local regulators such as the US Securities and Exchange Commission (SEC) to list tokens that by existing financial regulations are not considered as securities.

For Coinbase, a minor misstep or an overly aggressive approach in listing tokens could potentially lead the SEC to crack down on the exchange for distributing unregistered securities. Hence, while the initial announcement of Coinbase to list 0x was released in July, it took over three months for the platform to integrate one of the five digital assets it mentioned in its report.

At the time, the Coinbase team stated that regardless of its interest in integrating Cardano (ADA), Stellar (XLM), Brave Attention Token (BAT), Zcash (ZEC), and 0x (ZRX), it cannot guarantee investors on its platform.

“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”

The approval of the listing of 0x represents the acceptance of a green light to list ZRX as a non-security on fiat-enabled cryptocurrency exchanges.

Expectedly, the price of ZRX increased by more than 30 percent on the day, adding close to $200 million to its market valuation in the past month. It overtook Maker and Bitcoin Gold to become the 22nd largest cryptocurrency in the market and the sixth most valuable token in the market behind Binance Coin, EOS, VeChain, Tron, and Tezos.

Why are Traders Optimistic?

The integration of ZRX into Coinbase.com and the firm’s Android and iOS apps could lead other fiat-enabled exchanges to list ZRX in the months to come, at it means that local regulators have approved exchanges to list ZRX as a digital asset.

No major fiat-enabled exchange in the US market apart from Coinbase has considered adding tokens due to regulatory uncertainty, but the forward-thinking approach of Coinbase could lead to more digital assets being listed on US exchanges.

BAT, another token Coinbase has shown its interest in integrating, rose by more than 10 percent in the past 24 hours.

Image Credit: Charts from TradingView.

On the Verge of failure: Can Verge pull back from declining volume?

We explore how Verge’s network has performed over the year and what the future might hold for the platform.

At the start of the year, Verge entered the cryptocurrency market as the 23rd most valuable cryptocurrency by market cap on January 7th, and traded at $0.183720 USD. At the time, the cryptocurrency bore a total market cap of $2,665,598,146 USD.

Cut quick to the present in September and it seems as though the year has not been kind to both the market and Verge. Now the token is sitting over ten positions lower at 36th most valuable cryptocurrency, and is trading for $0.019060 USD, and bears a total market cap of $289,185,765 USD.

In relative terms, Verge has lost a whopping near 90% of its trading value over the past nine months, while its market cap has similarly diminished by approximately 89%.

Transaction volume

At its height on 17th of April, the Verge network saw some 200,812,644 XVG transacted daily – down from a record of 270,418,665 XVG on 5th of January in 2018.

Excluding 11th of August 2018, which saw no VXG transacted, the network’s lowest point saw only 136,130 XVG transacted on 14th of July, while the network’s next high point of 115,625,396 XVG shifted hands on 3rd of April.

The Verge of attack

In April of this year, the cryptocurrency faced a massive attack which saw 250,000 XVG stolen from its network after 12,000 empty blocks were created.

After finding out about the attack, the lead developer posted an emergency commit to Verge’s codebase as a means to reduce the network’s maximum clock drift from two hours to just thirty seconds. The token’s Twitter account downplayed the incident, saying that it was a “small hack attack“.

In May, the network saw its second attack and lost up to $1.7 million USD in funds. The hacker was having a field day pilfering up to $1,000 USD per minute – a whopping amount of money for a startling amount of time.

Once again, the company played it off as a little-to-nothing affair which unsurprisingly annoyed Verge users who weren’t afraid to say so.

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Privacy Coins Surge Again, a Possible Leading Indicator for the Crypto Market

Privacy cryptocurrencies are up big over the last 24 hours, led by Monero and Komodo.

Privacy cryptocurrencies have been on a tear over the past week, with the AltDex Privacy Coin Index (ALTPRV) up over 20%.

Things seem to be heating up once again, as the index is up nearly 10% in a matter of hours. This bullish price action is being led by several coins, including Komodo (KMD), Monero (XMR) and Verge (XVG).

The recent uptick is significant, as the broader market has yet to fully join the digital asset class in another major bullish move. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up only 0.18% as Bitcoin tries to break through $7,250.

Given the current price action, a surge of buying when the U.S. market returns from the long weekend holiday could help push Bitcoin to new monthly highs and the recent price action with privacy coins could be a leading indicator of investor sentiment.

A similar situation happened on August 26 when the AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, jumped nearly 30% prior to a broader market run-up that saw Bitcoin move from $6,700 to nearly $7,100.

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