Solana (SOL) is launching on Coinbase Pro

Updated Friday May 21 at 11:08pm ET: We are experiencing technical issues that will temporarily delay the launch of SOL on Coinbase Pro. At this time we are disabling deposits of SOL; withdrawals are still available. We will provide an updated timeline for restoring deposits & enabling trading as soon as possible.

Starting Today Thursday May 20, transfer SOL into your Coinbase Pro account ahead of trading. Support for SOL will generally be available in Coinbase’s supported jurisdictions. Trading will begin on or after 9AM Pacific Time (PT) Monday May 24, if liquidity conditions are met.

One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time. Most recently we have added trading support for Internet Computer (ICP), Cartesi (CTSI), iExec (RLC), Mirror Protocol (MIR), Tellor (TRB), Tether (USDT), Ampleforth Governance Token (FORTH),1inch (1INCH), Enjin Coin (ENJ), NKN (NKN), Origin Token (OGN), Ankr (ANKR) Curve DAO Token (CRV), Storj (STORJ), Cardano (ADA), SushiSwap (SUSHI), Polygon (MATIC), SKALE (SKL), The Graph (GRT), Aave (AAVE), Bancor (BNT), Synthetix (SNX), Filecoin (FIL), NuCypher (NU), Wrapped Bitcoin (WBTC), Balancer (BAL), Ren (REN) and Uniswap (UNI), along with supporting additional order books. Coinbase continues to explore support for new digital assets.

Starting immediately, we will begin accepting inbound transfers of SOL to Coinbase Pro. Trading will begin on or after 9am Pacific Time (PT) Monday May 24, if liquidity conditions are met.

Once sufficient supply of SOL is established on the platform, trading on our SOL-USD, SOL-BTC, SOL-EUR, SOL-GBP, and SOL-USDT order books will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.

We will publish tweets from our Coinbase Pro Twitter account as each order book moves through the phases.

Solana (SOL) is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization.

SOL is not yet available on Coinbase.com or via our Consumer mobile apps. We will make a separate announcement if and when this support is added.

You can sign up for a Coinbase Pro account here to start trading. For more information on trading SOL on Coinbase Pro, visit our support page.

###

This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

All images provided herein are by Coinbase.


Solana (SOL) is launching on Coinbase Pro was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Continue reading

Bitcoin dips under $60,000 — What’s pulling down BTC price?

The price of Bitcoin suddenly dropped below $60,000 days after the Coinbase public listing.

The price of Bitcoin (BTC) declined below $60,000 on April 17 after a strong rally throughout the past week in anticipation of the Coinbase public listing on Nasdaq.

However, after the COIN listing, which is the ticker of the Coinbase stock, the cryptocurrency market started to correct.

BTC/USDT 1-day price chart (Binance). Source: TradingView.com

An expected Bitcoin sell-the-news drop

Coinbase’s public listing brought significant attention to the cryptocurrency market. It marked the first public listing of a major cryptocurrency exchange, leading to high institutional demand.

As a result, the cryptocurrency market rallied leading up to the listing with BTC price hitting new all-time highs above $64,00. However, it was almost expected to see Bitcoin and Ether (ETH) drop after the fact, considering the tendency of cryptocurrencies to sell off after a major event.

Another major factor that contributed to the drop in price was the relatively high funding rates for longing Bitcoin. This, alongside strong technical resistance at $64,000-$65,000 were the likely reasons that BTC tested $60,000 support after the hype around Coinase’s listing began to fade. 

Bitcoin funding rates. Source: Bybt.com

Meanwhile, the $60,000 level is an important price point for Bitcoin because it took roughly a month for BTC to break out above it.

Hence, it is important for Bitcoin to hold the $60,000 area to maintain the bullish market structure heading into next week.

Traders predict what would likely come next

At the same time, cryptocurrency traders are mixed regarding where Bitcoin will go with its new weekly candle.

For instance, Cantering Clark, a popular cryptocurrency derivatives trader, said that the market isn’t necessarily bullish nor bearish, based on options data.

The Bitcoin options market open interest is ranging. Source: Bybt.com

Instead, Clark noted that the options market trend shows that Bitcoin would likely see sideways actions, which would mean consolidation at around $60,000. He wrote:

“50k and 80k strikes highest contract/notional for $BTC I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favorable long. No breakout, just range and rotation.”

In the long term, traders are still optimistic about Bitcoin. A pseudonymous trader known as “Crypto Capo” noted that based on historical trends, Bitcoin has broken out of a range that goes back 1,000 days.

The trader emphasized:

“Now some $BTC technical analysis. Bitcoin has broken out of an accumulation range of over 1000 days. This usually results in long extensions. Currently, the increase over the previous ATH is only 200%.”

Continue reading

Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule

Coinbase and cryptocurrencies viewed cynically on Chinese social media, and news of a large mining GPU smuggling bust in Hong Kong.

It was a relatively quiet week in China’s blockchain space as events were overshadowed by the surge in the BTC price and the Coinbase direct listing in the U.S. Many locals reacted with surprise to the news, showing that exposure to cryptocurrencies is still relatively isolated in the world’s most populous country.

Many netizens responded skeptically to the Coinbase story, with news aggregation account “Jiemian” on Weibo calling Bitcoin a scam, highlighting its connection to terrorists, and encouraging investors to stick to China’s A-shares. (For a quick comparison, the Shanghai composite index is down 2.13% this year, while Bitcoin has a YTD return of over 116%.) Jiemian has over 10 million followers on Weibo, but caters to a more traditional audience. The takeaway here is that despite China’s aggressive adoption of DCEP (Digital Currency Electronic Payment, also known as the digital yuan), other digital payments, and internet technology, cryptocurrency acceptance remains relatively isolated.

Some experts on China’s blockchain industry spoke to Cointelegraph regarding DCEP on April 10th, discussing how the digital yuan has affected the space. Kevin Shao, co-founder of Bitrise Capital, summed up the situation by stating that “overall, China’s digital currency still serves the central bank’s monetary policy and monetary functions.” It’s safe to say that the rapid DCEP advancement has little cross-over with the country’s active blockchain space, and probably will remain independent for the foreseeable future.

While all that was going on, volumes were spiking on cryptocurrency exchanges around the world. Huobi, China’s largest exchange by liquidity, experienced a wave of trading on more established tokens. The top seven most traded on Thursday were BTC, DOGE, ETH, XRP, FIL, TRX and BCH. All of these projects have roots in previous bull runs, showing that nostalgia is not lost on Chinese investors.

Graphics cards seized by Hong Kong Customs

Customs in Hong Kong have busted a smuggling operation involving nearly 300 graphics cards, which are suspected to be Nvidia CMP 30HX models and worth about 2 million RMB, or $300,000. There were no labels on the front of the graphics cards, and this particular model comes without a video output port, and is built exclusively for cryptocurrency mining. According to a source, this is the first time that Hong Kong Customs has seized graphics cards smuggled for the purpose of mining.

The state of media blockchain content

Finally, in policy news, The State Administration of Radio, Film and Television issued standards for blockchain-related media content. The standard system is intended to promote healthy and sustainable content pertaining to the use of blockchain in industries such as auditing systems, business processes, food safety and management. The State Administration is very proactive with its standards, detailing how technologies, trends, and other themes should be portrayed in the media.

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Continue reading

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 Billion

BTC Balance Sheets: 42 Companies Hold 1.3 Million Bitcoin Worth More Than $65 BillionSince the company Microstrategy shifted a lot of its treasury reserves into bitcoin, a great number of companies have followed the firm’s lead. According to the web portal, bitcointreasuries.org, data shows that 42 companies are now represented on the list and the businesses hold more than $65 billion worth of bitcoin. The Corporate Bitcoin Stash- […]
Continue reading