Wait, Was That A Coinbase Pump?

Happy Thursday, Blockfolians

The Lede

Here’s a #ThrowbackThursday for ya. Back in the glory (gory?) days of 2017/2018, there was a little thing called the Coinbase pump. It was a thing that happened when the internet started speculating that a new token was going to be listed on the exchange, driving the price up on pure speculation.

Yesterday, Coinbase announced that it was considering 18 new tokens for listing from projects like Aragon, Bancor, Siacoin, and Ren. Prices for the mentioned assets jumped by between 8% and 25%, averaging out at a 17% bounce.

Now, there are some who think that the timing might have a little more significance than meets the eye. Last week, The Block reported that Coindesk was trying to sell blockchain analysis software to the IRS and DEA. While these tools are almost certainly a part of the future of this industry, that doesn’t mean that the people here now have to like it. And boy, did they not like it.

Now, it’s far more likely than not that the timing is just coincidence - and for these projects, this could represent a major boost in liquidity. Still, these sort of market moves are a good reminder of just how nascent this industry is.

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.


Highly Relevant Reading


Community Commentary

Chairman Powell says the Fed has no impact on inflation. Bitcoiners are nooooot having it.
In case you were worried that crypto wasn’t the Wild West anymore…

A Really Big Number We Should Be Paying Attention To 

6.26% of $3.6 Billion

That’s the percentage of the Grayscale Bitcoin Trust held by Three Arrows Capital. Them folks ain’t playin!


Final Thought

Yes.