Chainlink (LINK) Feels Coinbase Boost While Cryptocurrency Market Loses $56B

Chainlink (LINK) briefly defied gravity leading into Thursday morning, as its price continued to pump on the news of a Coinbase listing. That was while most other cryptocurrencies were in the process of plunging, as the broader cryptocurrency market lost $56 billion over a matter of hours – or just under 15% of its total value.

Chainlink’s Good Month Continues – LINK/USD

Earlier this month the value of Chainlink jumped 71% overnight when news filtered through that its oracle technology had been picked up by Google. The pump continued in the past 24 hours, as LINK gained another 23% against the U.S dollar – in around 20 minutes.

That’s how long it took between the Coinbase announcement, and LINK recording a new all-time of $2.37, up from $2.05 on Wednesday night. The surge continued moving into Thursday, and yet another ATH was set at $2.50.

By time of writing, the gravitational pull of the altcoin drop had taken some of those gains back. Regardless, the current LINK price is still up 45% in the past week, as well as 175% for the month. Returns for the quarter stand at 467%. As is often the case in the run-up to an unexpected coin listing, the price pattern suggests at least someone knew about it in advance. But that might just be sour grapes.

LINK Makes It To Coinbase

As announced on the Coinbase blog on Wednesday night:

“After 10am PT on June 26, 2019, we will begin accepting inbound transfers of LINK to Coinbase Pro.”

Chainlink trading will be available for everyone except those in New York state, and LINK will be directly opened up against USD and ETH pairs. From the blog:

“Once sufficient supply of LINK is established on the platform, trading on the LINK/USD, and LINK/ETH order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met.”

On a side-note, this is in stark contrast to the modus operandi of Binance when listing new coins, which no longer pairs new tokens against ETH at all. Stretching back as far as the turn of the year, not a single newly listed token on Binance has been listed against ETH.

Coinbase say they anticipate more new coin listings soon, although did not give any official hints. That said, Coinbase CEO Brian Armstrong took to Twitter earlier this week to talk about his desire for a new privacy coin. Armstrong wrote:

“A scalable, sufficiently decentralized, chain that supported private transactions by default (privacy coins) would be a game changer.”

Zcash (ZEC) is already listed on Coinbase, and while it has a reputation as the go-to privacy coin, it is not private by default. Funnily enough, I covered a new privacy coin which is private by default earlier this month – Pirate Chain (ARRR).

However, another prospect for Armstrong could be Grin (GRIN), which has the same feature. Grin more than trebled in June alone – a sign that someone knows something we don’t?

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.