These days, rumors of addition to Coinbase help propel cryptocurrencies to the moon in a hurry.
It makes sense. The service is a top 300 global website in traffic and has a monster userbase. When a new coin shows up on there, you better believe trading volumes shoots through the roof. The problem is, it doesn’t take much for intrepid pumpers to doctor up a video or alter an image to suggest a coin’s addition is imminent.
Coinbase has made the decision to cool off those rumors by outlining the reality of how they add coins in their newest blog post. The exchange says that new cryptocurrencies go through a stringent vetting system before inclusion. Further, employees at the company have strict NDAs, so they can’t leak information without fear of termination and a lawsuit. It’s safe to say, then, that buying because of a rumor that a coin is going on that exchange should not impact your decision to invest.
Coinbase Spells It out – No New Coins for Now
As the last line tells us in the announcement, Coinbase is disavowing that any new coins will hit the scene soon. That means people will have to wait for official word direct from the company when a new crypto hits their exchange. Still, even a statement like this will not quell all speculation (because that’s just what speculators do.)
XRP Reverses Course for a Second
Ripple is cooling off just a bit, which is causing tongues to wag. However, in all fairness, can we say that XRP is really cooling off considering how fast it has risen? It seems likely that some investors who are way up profit-wise are taking some of their earnings to be safe. However, it could also merely be a slight correction and pause before XRP continues its attempt at displacing Bitcoin as the King of Cryptos.