The price of COTI skyrocketed to a three-month high in hours following an announcement by the largest digital asset exchange in the US – Coinbase. The platform will list for trading COTI on August 26th at 9 AM Pacific Time (PT).
- COTI (Currency of The Internet) is a blockchain-based protocol aiming to optimize digital payments by building a decentralized and scalable network facilitating global commerce.
- Its native cryptocurrency will be listed on the largest US-based exchange – Coinbase Pro. The company announced yesterday that it had already enabled transfers of COTI into customers’ accounts on the platform.
- As with previous additions, users will be able to interact with COTI in supported jurisdictions with certain exceptions.
- Coinbase said trading will begin “on or after” 9 AM Pacific Time (PT) on August 26th if liquidity conditions are met.
- “Once sufficient supply of COTI is established on the platform, trading on our COTI-USD order book will launch in three phases.” Namely, those stages are post-only, limit-only, and full trading.
- Listings on Coinbase and Coinbase Pro typically serve as immediate catalysts for price increases.
- This was also the case with COTI. The asset traded around $0.3 ahead of the announcement, but it skyrocketed by roughly 65% in a matter of hours to over $0.49. This became its highest price tag in more than three months.
- Despite retracing since this peak, COTI still trades 33% higher than its position yesterday – at $0.40. This is in contrast to the market-wide correction that drove BTC and most altcoins south in the past 24 hours.
- Another news that may have impacted the price of the digital asset came from Huobi. The popular exchange followed Coinbase’s example and listed COTI just a day later.
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