The impact of moves made by cryptocurrency exchanges on the market is well-known. Generally, exchanges come into the spotlight with listing and delisting news, which can significantly influence price rises and falls. The effect is even more pronounced with high-volume exchanges. In this context, Coinbase has once again drawn attention with its significant role in the process.
Coinbase’s Decision on Three Cryptocurrencies
Coinbase, one of the world’s largest cryptocurrency exchanges by volume, continues to be closely watched by the market. A recent tweet from Coinbase once again stirred the market. The announcement from Coinbase was as follows:
Coinbase International Exchange and Coinbase Advanced will add support for perpetual futures for Curve DAO, Ethereum Name Service, and Constitution DAO. CRV-PERP, ENS-PERP, and PEOPLE-PERP markets will open on or after July 18, 2024, at 9:30 UTC.
Coinbase announced the launch of perpetual futures for the high-volume altcoins CRV, ENS, and PEOPLE. However, this move did not seem to create the expected impact on these altcoins, all of which are within the top 200.
Current Status of Altcoins
Due to the sharp declines in Bitcoin, the usual price movements following Coinbase listing news did not occur, and a drop in the prices of the mentioned altcoins was observed.
First, looking at ENS, which is within the top 100, the price was at $26.36 after a 4.52% drop in the last 24 hours. Additionally, the market cap fell to $838 million, and the 24-hour trading volume dropped by 26%, reaching $162 million.
Curve DAO saw a 5.35% decline, with the price trading at $0.2733. The market cap similarly dropped to $326 million. Unlike its competitors, the 24-hour trading volume increased by 39.44%, reaching $89 million.
Lastly, for PEOPLE, the price dropped by over 4%, trading at $0.0957. The market cap for PEOPLE was $302 million, while the 24-hour trading volume fell by 5.5%, reaching $145.7 million.
